Vietnam Dealbook: FPT Retail lists shares on HoSE; Vietjet mulls overseas listing

FPT Retail on Thursday listed 40 million shares on the Ho Chi Minh City bourse while budget carrier Vietjet has again expressed interest in listing its shares on an overseas stock exchange.

FPT Retail lists shares on HoSE

FPT Retail, the digital retail arm of Vietnamese tech conglomerate FPT Corporation, on Thursday listed 40 million shares on the Ho Chi Minh Stock Exchange (HOSE) at VND 125,000 ($5.53) apiece, valuing the company at VND 5 trillion ($220 million).

FPT Retail’s shares will trade under stock code FRT. The retailer owns two retail chains: FPT Shop, which sells mobile phones, laptops and accessories from multiple brands, and F.Studio, which offers genuine Apple products and accessories.

FPT Retail has an 18 per cent share of the mobile phone retail market in Vietnam, after Mobile World (45 per cent).

In 2017, FPT Retail reached nearly VND13.2 trillion ($580.8 million) in revenue and VND290 billion ($12.7 million) in profit after tax, up 21 per cent and 40 per cent respectively year-on-year. The retailer is planning to expand its business with a foray into the $5-billion pharmaceuticals market.

Last year, FPT sold a 30 per cent equity interest in FPT Retail to Dragon Capital and VinaCapital.

Currently, the three largest shareholders of FPT Retail are FPT Corporation (47 per cent), followed by Dragon Capital (20 per cent) and VinaCapital (15 per cent).

Vietjet again says interested in overseas listing

VietJet Aviation Joint Stock Co., which controls almost half of Vietnam’s domestic airline market, is considering to list its shares on an overseas stock exchange, its founder and CEO Nguyen Thi Phuong Thao mentioned during its shareholders’ meeting on April 26.

Thao said Vietjet has been receiving attention from some foreign stock exchanges including London, Hong Kong, Taiwan and Singapore. At present, the company, she said, is working on challenges related to listing overseas such as time zone differences and legal issues.

Le Nhi Nang, Representative of the State Security Commission in Ho Chi Minh City, said that Vietjet should consider an overseas listing, possibly Singapore. If successful, Vietjet will be the first Vietnamese company to officially trade overseas, he said.

The plan for the 41 trillion-dong ($1.8 billion) low-cost carrier comes amid the government’s easing of rules to allow more foreign investment in one of the fastest-growing aviation markets.

Hanoi-based Vietjet received shareholder approval in April last year to boost its foreign ownership limit to 49 per cent from 30 per cent.

Vietjet had raised $170 million through an IPO in 2016, attracting large buyers like BNP Paribas, Deutsche Bank and JP Morgan.

Also Read: 

VietJet is considering to list shares in an overseas stock exchange.

Singapore’s sovereign wealth fund GIC pares stake in VietJet Air

Vietnam: Dragon Capital, VinaCapital pick 30% of FPT Retail

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.