Techcombank sells over 164 million ordinary shares to investors
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) raised about 21 trillion VND (922 million USD) in its initial public offering (IPO) on April 27.
Hanoi (VNA) – Vietnam Technological andCommercial Joint Stock Bank (Techcombank) raised about 21 trillion VND (922million USD) in its initial public offering (IPO) on April 27.
All of more than 164 million ordinary shares weresuccessfully sold to institutional investors at the final price of 128,000 VND(5.62 USD) per share.
The bookwas significantly oversubscribed at the time of pricing.
The trading of Techcombank’s shares on the Ho Chi MinhStock Exchange is expected to commence on June 4 under the stock code TCB.
“We arethrilled with the positive response from the international investmentcommunity. Our decision to allocate a large portion of our offering to thecornerstone investors is a testament to the tremendous demand from a diverseand high quality set of investors. Just as important is that a number of thesefunds are investing in Vietnam for the first time, ” Nguyen Le Quoc Anh,CEO of Techcombank, said.
He said theybelieved investors were attracted to the strength of Techcombank’s businessmodel along with the broad background and experience of its management team.But most importantly, investors are very bullish on the growth of Vietnam’smiddle class as its young population enters the work force. Finally, thecountry’s slow financial inclusion rate makes banking a very attractiveproposition.
Morgan Stanley,Viet Capital Securities JSC and Deutsche Bank AG are arranging the offering.
As of the endof 2017, Techcombank posted total revenue of around 16.3 trillion VND andpre-tax profit of 8 trillion VND.-VNA
Foreign ownership in the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is officially at zero per cent, the bank announced late last week.
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Transactions at Techcombank (Photo: VNA) 
