<article>GIC Pte is poised to become the lead cornerstone investor in Techcombank’s Vietnam initial public offering, which could raise about $900 million, people with knowledge of the matter said.</article>

GIC Pte is poised to become the lead cornerstone investor in Techcombank’s Vietnam initial public offering, which could raise about $900 million, people with knowledge of the matter said.
The Singapore sovereign wealth fund is in talks to buy less than $100 million of stock in the offering, according to the people, who asked not to be identified as the process is private. Vietnamese fund manager Dragon Capital is also among parties in talks to become a cornerstone investor, the people said.
Techcombank plans to start its IPO roadshow as soon as Friday in a deal expected to value the bank at about $6 billion, the people said. Techcombank plans to set aside a majority of the shares for cornerstone investors, according to the people.
Warburg Pincus agreed in March to invest more than $370 million in the Hanoi-based bank in the buyout firm’s biggest bet in the Southeast Asian country. At $900 million, the Techcombank deal would become Vietnam’s biggest initial equity offering since mall operator Vincom Retail JSC’s sale in October, according to data compiled by Bloomberg.
Allocations for the cornerstone portion of the deal haven’t been finalized, and the list of investors could change, the people said. The Vietnamese lender is slated to start trading in June, the people said.
Representatives for GIC and Techcombank declined to comment. A representative for Dragon Capital said he couldn’t comment.
Techcombank, whose investors include local conglomerate Masan Group, is formally known as Vietnam Technological &amp; Commercial Joint Stock Bank. The lender, which was established in 1993, has more than 5.4 million customers and 315 branches, according to a March statement.
Bloomberg

GIC Pte is poised to become the lead cornerstone investor in Techcombank’s Vietnam initial public offering, which could raise about $900 million.

Singapore's GIC in talks to be lead anchor investor in Techcombank's $900m IPO

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Singapore's GIC in talks to be lead anchor investor in Techcombank's $900m IPO

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