Techcombank to start trading on HoSE from June 4

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is poised to commence trading on the Ho Chi Minh City Stock Exchange (HoSE) on June 4 following its nearly $1-billion IPO, the bank announced on April 27.

The bank said, it successfully sold more than 164 million shares, equivalent to 14 per cent of its charter capital, to institutional investors. At the final price of VND128,000 ($5.62) per share, the bank mopped up VND21 trillion ($922 million) and was valued at $6.5 billion.

At this valuation, Techcombank’s capitalization is even greater than that of The Bank for Investment and Development of Vietnam (BIDV) and Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), whose charter capital is three times higher in comparison.

Techcombank’s IPO attracted many foreign investors, including Singapore’s GIC, Dragon Capital and Fidelity Management, all of whom are keen to become key investors, as they register to buy 76 per cent of the bank’s shares.

Global private equity major Warburg Pincus last month agreed to invest over $370 million in Techcombank, marking the largest ever PE investment in Vietnam to date.

“Our decision to allocate a large portion of our offering to the cornerstone investors is a testament to the tremendous demand from a diverse and high-quality set of investors. Just as important is that a number of these funds are investing in Việtnam for the first time,” CEO of Techcombank Nguyen Le Quoc Anh told local media.

The 25-year-old bank provides a broad range of banking products and services to more than 5.4 million customers in Vietnam with an extensive network of 315 branches across the country.

After Techcombank, Vietnam is set to host another billion-dollar IPO this year. Vingroup in February said that it is planning a spinoff of its luxury residential arm Vinhomes that could raise as much as $1 billion, which will mark a strong run of IPOs in the country.

Also Read: 

Warburg-backed Techcombank to price $922m IPO at top end

Techcombank launches Vietnam’s biggest IPO, targets to raise $922m

 

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.