Vietnam Rubber Group to launch IPO in early February
Vietnam Rubber Group (VRG) is expected to list its shares on the HCM Stock Exchange in June or July after its initial public offering on February 2.
The corporation will auction 475 million shares, equivalent to 11.88% of its total chartered capital of VND40 trillion (US$1.76 billion).
 |
The minimum price for the auction has been set at VND13,000.
Investors have to submit their bids by January 31.
A month after the IPO, VRG would list on UPCoM, and by June or July at the latest in HCM Stock Exchange, Thanh said.
Last year, the group achieved VND3.6 trillion in net profit on revenues of VND19 trillion, easily achieving the targets it had set at the beginning of last year.
The group’s core business is natural rubber, which brings around 70% of its total revenues.
According to a Vietcombank Securities (VCBS) report, VRG enjoyed a good year in 2017 thanks to the strong global recovery in natural rubber prices.
VCBS has a positive outlook for the group in 2018 since the price of rubber will still remain high.
Besides, old rubber trees would be a large source of income, the report said.
VCBS has recommended a reasonable price of VND16,660 for the share in the IPO.
