Vietnam’s leading infrastructure construction consortium Infrastructure Development and Construction Corporation (Licogi) sold out 21.27 million shares in its initial public offer (IPO), which attracted more than 106 individual investors.
The float was over subscribed and the company raised VND212.84 billion ($9.9 million) from the share sale.
The company with VND900 billion ($41.86 million) in charter capital has offloaded 23.6 per cent to the public. In addition, a 35 per cent stake will be sold to Khu Dong Real Estate Investment Co Ltd, as its strategic partner.
After the equitisation, Licogi will continue to focus on installation as its key operation and expects to earn a production value of VND49 trillion ($2.3 billion) from this array during the next five years. This represents an increase of 74 per cent as compared to the 2011-2015 period.
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From now until 2017, the infrastructure major plans to achieve VND1-1.6 trillion ($46.5-74.4 million) in revenue and VND47-75 billion ($2.2-3.5 million) in profit after tax.
Licogi will invest in the central Thanh Hoa province-based Cam Thuy 2 Hydropower project and a spate of urban and industrial areas.