<article>The Vietnamese government has raised over VND980 billion ($43.12 million) by selling 34.51 per cent stake in Hanoi Trade Corporation (<a href="https://www.dealstreetasia.com/tag/Hapro/">Hapro</a>) in its initial public offering (IPO) on Hanoi Stock Exchange on March 30.
The proceeds surpassed government expectations of VND972.8 billion ($42.56 million) from the IPO.</article>

The Vietnamese government has raised over VND980 billion ($43.12 million) by selling 34.51 per cent stake in Hanoi Trade Corporation (<a href="https://www.dealstreetasia.com/tag/Hapro/">Hapro</a>) in its initial public offering (IPO) on Hanoi Stock Exchange on March 30.
The proceeds surpassed government expectations of VND972.8 billion ($42.56 million) from the IPO.
With more than 40 subsidiaries under its belt, Hapro operates a chain of supermarkets and convenience stores and owns many land plots and properties at prime locations, adding to its attractiveness for investors.
Nearly 364 investors including two organizations and 344 individuals registered to buy the 76 million shares that were offloaded in the auction with the highest winning price of VND20,000 ($0.8) apiece.
Hapro has a charter capital of VND2.2 trillion ($96.8 million). Following the IPO, the state will not hold any shares in Hapro. The firm will soon list its shares on UPCoM when eligible, Hapro’s CEO Vu Thanh Son told local media.
In 2017, Hapro’s net revenue was VND1,927 billion, down 17 per cent year on year, while its pre-tax profit was down 8 per cent at VND11 billion.
The privatization plan for Hapro was approved by deputy Prime Minister Vuong Dinh Hue last December.
As per an earlier plan, the Hanoi authority approved Vietnam N.A Motor Company Limited (Vinamco) to buy 65 per cent stake in Hapro and become a strategic partner of the firm. It was proposed that Vinamco had to invest at least $80.52 million to own the stake.
Vinamco, a subsidiary of BRG Group, is known for its golf, resort and hotel projects such as Hilton Hanoi, Dong Mo golf course, Do Son golf course. Vinamco had invested VND1.25 trillion ($55 million) to buy more than 97 per cent stake of Vinamotor Corporation from the Ministry of Transport.
Since the beginning of this year, the Vietnamese government has raised a total of $832.03 million from the IPOs of three subsidiaries of <a href="https://www.dealstreetasia.com/tag/PetroVietnam/">PetroVietnam</a> (PV Power, PV Oil, Binh Son Refining and Petrochemical), Vietnam’s Power Generation Corp 3 (Genco 3), Vietnam Rubber Group (VRG), and most recently, Vietnam Sugarcane and Sugar Corporation II (Vinasugar II).
Also Read: 
<a href="https://www.dealstreetasia.com/stories/vietnam-hapro-ipo-divest-92464/">Vietnam targets raising at least $42.56m from Hapro IPO on March 30</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/vietnam-digest-pv-oil-trade-upcom-mar-7-state-pare-46-9-vinawind-93484/">Vietnam Digest: PV OIL to trade on UPCoM on Mar 7; State to pare 46.9% in Vinawind</a>

Vietnam raises over $43m from IPO of Hanoi Trade Corp

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Vietnam raises over $43m from IPO of Hanoi Trade Corp

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