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Thang Long GTC makes $16m at IPO

Update: August, 14/2015 - 08:21

Here is the front of Hilton Hotel in Ha Noi. It's partly owned by the Thang Long GTC. — Photo cafef.vn

HA NOI (VNS) — Thang Long GTC sold nearly 34 million shares at its initial public offering (IPO) yesterday, the Ha Noi Stock Exchange (HNX) said.

It earned more than VND363 billion (US$16.42 million) from the sale. The average share price of the one-member public limited company was VND10,724, and the starting price was VND10,600.

Sixteen individuals bought the shares, while no organisation reportedly bought any.

After the IPO, Thang Long GTC will offer 27 per cent of its stake to its strategic investor, the Thung Lung Vua (King's Valley) Limited Company.

Thang Long GTC aims to have VND1.228 trillion ($55.55 million) in charter capital after equitisation, 45 per cent of which will be owned by the government.

It owns a large number of real estate areas in the capital city. It has also invested in many large hotels, including the Hilton, Intercontinental, Mercure and BigC Thang Long hotels.

Thung Lung Vua is a member of the BRG Group, which invests and operates mainly in the fields of finance and banking and golf resorts with member companies, associate companies, investment projects and businesses with remarkable reputations in Viet Nam and worldwide, such as Kings' Island Golf Resort in Ha Noi, Do Son Seaside Golf Resort in the northern Hai Phong City, and Legend Hill Golf Resort in Ha Noi. — VNS

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