BIDV, Vietnam's second-largest lender by assets, raised nearly 1.58 trillion dong ($75 million) from the country's largest initial public offering in 2011, the stock exchange said on Thursday. But investors seeking to trade in the shares of the Hanoi-based lender will have to wait until the stock make its debut on the country's domestic market later in 2012. IPOs and stock listings are two separate processes in Vietnam.
BIDV sold all 84.75 million shares on offer at an average price of 18,583 dong ($0.88) a share, slightly above the starting price of 18,500 dong set by the bank, the Hanoi Stock Exchange said in a statement at the end of the two-day auction.
Foreign investors bought 125,200 shares at the IPO, or 0.15 percent of the bank, though they were allowed to purchase all of the shares on offer, the exchange said, without identifying any of the buyers.
Vietnam's stock market has tumbled some 28 percent this year, making it one of the worst performing equity markets in the world, as policymakers battle with stubbornly high inflation, cooling economic growth and pressure on the local currency.
Credit growth slowed to an estimated 12 percent this year, after rising 27.65 percent a year earlier, as Hanoi curbed lending to tame strong price pressures.
Money supply rose about 10 percent from last December versus an annual growth of 23 percent in 2010.
BIDV, or the Bank for Investment and Development of Vietnam, is among major state firms which has been targeted to go public as Hanoi wants to speed the privatisation process. Other firms include national carrier Vietnam Airlines and top oil product distributor Petrolimex.
BIDV has said it plans to sell a 15 percent stake to a foreign strategic investor in 2012 and picked Morgan Stanley as the adviser.
BIDV's capital adequacy ratio stands at 10 percent, in line with the central bank's requirements.
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