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

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 & 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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.