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VietinBank plans to list shares in HCMC on July 16   2009-07-10 - Bloomberg

Vietnam Bank for Industry & Trade, the country’s fourth-biggest lender, will list its shares on the Ho Chi Minh Stock Exchange on July 16.


Hanoi-based Vietinbank, as the lender is known, will list about 121 million shares at an initial price of VND50,000 (US$2.81) apiece, Le Duc Tho, head of the bank’s investment department, said in a phone interview Thursday.

VietinBank raised VND1.09 trillion ($61 million) in an initial public offering on December 25, when the government sold 53.6 million shares at an average price of VND20,265. The stock traded at about VND39,500 on the over-the-counter (OTC) market Wednesday, according to FPT Securities Inc.

VietinBank Securities, the brokerage unit of VietinBank, plans to list more than 78.99 million shares on the Hanoi Stock Exchange, according to a statement filed on the bourse’s website.

The company plans to list its shares on Hanoi’s bourse on July 15, Director Phan Quoc Huynh said June 4. The company will set an initial price of at least VND40,000 a share on its trading debut, Huynh said.

The brokerage raised VND200.6 billion ($11.3 million) selling about 19.19 million shares in an initial public offering on April 22. The stock traded at around VND25,500 on the OTC market Wednesday, according to FPT Securities Inc.

VietinBank Securities expects profit to jump to VND90 billion this year from VND13 billion in 2008, the brokerage said in a statement released at its shareholder meeting in June.

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