Petrolimex offering is well received

Petrolimex, Vietnam’s leading oil importer and distributor, raised VND412.3 billion ($20.1 million) via its initial auction on July 28 .

The state firm sold entire its offering of 27.43 million shares, representing for 2.56 per cent its registered capital, according to Hanoi Stock Exchange. The average price was VND15,032, little higher than the starting price of VND15,000.

Investors previously bid for 30.1 million shares, 10 per cent higher than the firm’s expectation. Some 304 individuals registered to purchase more than 22 million shares and three institutions bid for eight million.

That result outperformed that  of big state-owned firms including Vietnam Steel in early June and Mekong Housing Bank a week ago. The steel giant sold more than 39 million shares, or 60 per cent of its total offer, at the price of just VND10,100 per share.

The state lender missed its target with 18 million shares sold, or 28 per cent of its offer, at an average price of VND11,025 per share.

Foreigners were not allowed, by Vietnam’s Ministry of Industry and Trade, to bid for the auction, due to energy security reasons. – VIR

Tags: Petrolimex