An auction held at the Hanoi Stock Exchange (Source: VNA)
Hanoi (VNS/VNA) - The Ministry of Finance has released a circular toinstruct State-owned enterprises (SOEs) to use book-building to sell sharesowned by the State.
The circular is numbered 21/2019/TT-BTC and it will take effect on June 3, 2019.
Book building is the process in which an underwriter determines the price toplace a securities offering upon the market demand of institutional investors.
Then the underwriter builds a book that indicates the amount of shares thatthose institutional investors want to buy and the prices they are willing topay.
The book building method is applied for both SOEs that sell the State capitalin either initial public offering (IPO) or post-IPO auction.
For SOE that will sell shares for the first time, the underwriter will have todevelop a price range that does not exceed the initial price by maximum 20 percent on either side.
The stock exchange, where the SOE plans to sell its shares, must open biddingbook for every investor, both public and strategic, in five consecutive morningsessions.
Any investor can change his bid regarding the number of shares and biddingprice. That investor must cancel his former bid before making a new one.
According to Nguyen Thanh Long, chairman of the Hanoi Stock Exchange,book-building has proved to be efficient in other markets.
“We expect that method will be another option for SOEs to successfully sell theState owned stakes in their capital,” Long told the online newspaper Thoi baoTai chinh Vietnam (Vietnam Financial Times).
The method would help determine the initial trading price of the companyaccording to the actual market demand, he said.
“The company and underwriter will have the opportunity to study the marketbefore issuing the shares. The book-building method helps match the share pricewith the market condition, bringing mutual benefits for the firm and investorsas well as increasing efficiency of the capital raising process,” Long said.
The new method was expected to raise the number of successful auctions forSOEs, he added. – VNS/VNA
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An auction held at the Hanoi Stock Exchange (Source: VNA) 
