State fertiliser firm raises $74m in IPO

Update: December, 13/2014 - 10:13
HCM CITY  (VNS) — PetroVietnam Ca Mau Fertilizer Company Limited has raised nearly VND1.58 trillion (US$74 million) from its initial public offering on Thursday at the HCM City Stock Exchange.

PVCFC said it successfully sold all of around 129 million shares in the IPO at an average price of VND12,251, VND251 higher than the initial price. The shares account for 24.36 per cent of the company's capital.

The auction saw 1,303 investors registering to buy 141.4 million shares, or 10 higher than the number offered.

The company said 24 domestic and two foreign organisations bid for 66.3 million and seven million shares respectively, while 1,265 Vietnamese individuals bid for 68.1 million shares and 12 foreigners registered to buy 35,100 shares.

The highest price was VND24,000, and the lowest, VND12,100.

The IPO has spurred its chartered capital to nearly VND5.3 trillion ($248.35 million).

The Viet Nam National Oil and Gas Group (PVN) remains the company's largest share holder after the IPO with a 51 per cent stake.

The company plans to sell another 129 million shares to strategic investors, who it hopes will strengthen its finances and management and help improve its performance.

Bui Minh Tien, general director of PVCFC, said the company is set to change its name to PetroVietnam Ca Mau Fertilizer Joint Stock Company.

The company will list on the HCM City Stock Exchange next March. — VNS