Vietnam-based hospitality firm Thang Long GTC launches IPO, collects $16.7m

Visual from Thang Long GTC's website, August 13

State-run company Thang Long GTC, a unit of hospitality firm Hanoi Tourist, sold its entire 33.9 million shares during its initial public offer (IPO) auction on Thursday, to earn proceeds of VND363 billion ($16.7 million).

The shares were oversubscribed by three times, as 18 investors had earlier submitted to purchase more than 102.5 million shares of the company, in which institutional investors wanted to buy almost 68 million units.

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