<article>After raising $245 million in its initial public offering (IPO), Vietnam&#8217;s state-owned Binh Son Refining and Petrochemical (BSR) said it will commence trading of 241.55 million shares on the Unlisted Public Company Market (UPCoM) in March.</article>

After raising $245 million in its initial public offering (IPO), Vietnam&#8217;s state-owned Binh Son Refining and Petrochemical (BSR) said it will commence trading of 241.55 million shares on the Unlisted Public Company Market (UPCoM) in March.
The refinery operator would divest a further 49 per cent stake to strategic investors this year. BSR&#8217;s IPO proceeds far exceeded the Vietnamese government&#8217;s expectation of raising $155 million by divesting a 7.79 per cent stake.
Strategic investors, including both domestic and foreign investors, will be allowed to acquire 49 per cent stake in BSR with the foreign ownership capped at 49 per cent. After selling a 49 per cent stake to strategic investors, state-ownership of BSR will come down to 43 per cent.
BSR has sent an invitation to investors and stipulated January 30 as the deadline for filing an application to become strategic investors. “BSR has developed a set of criteria for selecting strategic investors. If more than three investors meet the criteria, BSR will hold the auction,” a BSR executive told DEALSTREETASIA.
BSR has attracted the interest of many strategic investors such as Vitol (Switzerland), Macron Petroleum (Africa) and Repsol (Spain). Repsol expects not only to own a stake in BSR but also to deepen its involvement in Dung Quat oil refinery&#8217;s management and operations.
Vietnam National Petroleum Group (Petrolimex), meanwhile, also wishes to become a strategic partner of BSR and commit to maximum consumption of output from the Dung Quat refinery.
In 2017, BSR&#8217;s consumption output stood at 6.1 million tons, revenue at VND80.517 trillion ($3.54 billion) and profit after tax at VND8.035 trillion ($353.5 million).
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Vietnam's state-owned Binh Son Refining and Petrochemical (BSR) raised $245 million in its initial public offering (IPO) this month.

Vietnam's Binh Son (BSR) to trade on UPCoM in March

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Vietnam's Binh Son (BSR) to trade on UPCoM in March

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