|Transactions at Techcombank. — VNS Photo|Viet Nam News
HÀ NỘI — Việt Nam Technological and Commercial Joint Stock Bank (Techcombank) raised about VNĐ21 trillion ($922 million) in its initial public offering (IPO) on Friday.
All of more than 164 million ordinary shares were successfully sold to institutional investors at the final price of VNĐ128,000 (US$5.62) per share, which valued the bank at $6.5 billion. The book was significantly oversubscribed at the time of pricing.
The trading of Techcombank’s shares on the HCM Stock Exchange is expected to commence on June 4 under the stock code TCB.
“We are thrilled with the positive response from the international investment community. Our decision to allocate a large portion of our offering to the cornerstone investors is a testament to the tremendous demand from a diverse and high quality set of investors. Just as important is that a number of these funds are investing in Việt Nam for the first time, ” Nguyễn Lê Quốc Anh, CEO of Techcombank, said.
He said they believed investors were attracted to the strength of Techcombank’s business model along with the broad background and experience of its management team. But most importantly, investors are very bullish on the growth of Việt Nam’s middle class as its young population enters the work force. Finally, the country’s slow financial inclusion rate makes banking a very attractive proposition.
Morgan Stanley, Việt Capital Securities JSC and Deutsche Bank AG are arranging the offering. — VNS