Vietnam approves IPO plan for shipping major Vinalines

Moving ahead with its privatisation exercise, the Vietnamese government has approved the sale of 35 per cent stake in Vietnam National Shipping Lines (Vinalines) at a starting price of VND10,000 ($0.4) apiece in its initial public offering (IPO), which is expected to be conducted in September.

Vinalines’ charter capital is estimated at approximately VND14 trillion ($616.7 million). As per the plan, over 280 million shares, equivalent to 20 per cent stake, in Vinalines will be offered for sale in Hanoi Stock Exchange. And, 207 million shares, or 14.8 per cent stake, will be sold to strategic investors. The remaining shares will be sold to employees of the company, according to the plan approved by the government.

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