Vietnamese Bank IPO Set At 97.5 Million Shares For $61 Million

Hanoi, Vietnam (AHN) - The Bank for Foreign Trade of Vietnam (Vietcombank) will auction off 6.5 percent of the company in its initial public offering set at the Ho Chi Minh City Stock Exchange on Dec. 26.

Vietcombank will sell 97.5 million shares for $6.25 each for a total of $61 million.

Foreign and local investors, whether organizations or individuals, are welcome to join the IPO.

The bank has a total asset worth $10.4 billion and an equity worth $695 million. The government, majority owner of the bank, will use cash generated from the IPO to fund infrastructure, including the building of the Hanoi-Haiphong toll expressway.