After successfully raising $52 million (VND 1.11 trillion) through an IPO, Vietnam Airlines is planning to divest another 21.5% stake in the company.
The company, which offered 3.5% stake in a recent IPO, is planning to offer another 282 million shares (20%) to three foreign strategic investors, in the near future. Another 20.8 million shares (1.5%) will be offered to the employees (ESOPs) while the remaining 75% stake will stay with the government.
The airlines expects to raise more than $671.4 million (VND 14.1 trillion) in charter capital to facilitate the divestment. This is part of the company’s two-year strategy, through which, it plans on further raising the company’s charter capital by VND 8.5 trillion (increasing the total to VND 22.6 trillion) and reducing the State ownership to 65%.
Vietnam Airlines raised around $52 million (VND 1.11 trillion) in its initial public offering (IPO); of which, 48.3 million shares (equivalent of 99%) were sold to two strategic investors Vietcombank (VCB) and Techcombank.
As mentioned in previous article, 1,608 investors registered for more than 49 million shares of Vietnam Airlines. On the trading day, the highest bid was made by BIDV Securities Company (BSC) at VND 223,000/share, almost 10x of the starting price, for 100 shares. Average price was recorded at VND 22,307/share.
Vietcombank Securities Limited Company (VCBS) registered and purchased 22,562,900 shares while Techcombank also successfully bought 25,760,000 shares. As a result, Vietnam Airlines sold all 49 million shares that represent 3.48% stake in the company.