Vietnam’s Seaprodex raise $21.7m in IPO

Fishing activities

Vietnam National Seafood Corporation (Seaprodex) , that offered 60.8 million shares or 48.7 per cent equity stake of the company on the the Ho Chi Minh Stock Exchange on December 12, managed to raise VND 456 billion ($21.7 million) from this auction.

Yesterday at the HOSE, 55 investors bought a total of 45.17 million shares of Seaprodex at the highest bid of VND 13,500 per share.

About 15 state companies are to be listed on the HNX, this month. Of which, the  PetroVietnam Camau Fertilizer Ltd (PVCFC) was supposed to be the largest IPO, followed by the IPO of sea food producer Seaprodex.

Seaprodex issued 60.8 million shares but only managed to sell 45.17 million. Therefore the state will have to hold 63 per cent equity stake in the company instead of 51 per cent as was planned originally. According to Seaprodex representative at the auction, the government will sell their stake in the beginning of 2016 to reduce ownership.

Ha Noi Export – Import major JSC Geleximo is the main buyer, which had the largest purchase amount of 31.2 million shares, equivalent to 35 per cent of the total shares issued by Seaprodex. According to vietstock, Seaprodex will direct their business into real estate in a joint-venture with Geleximo in near future. This move would help the seafood producer combat the predicted slow down in  its main business while capitalizing on its substantial land bank.  The two companies are expected to announce the Dong Khoi project with VND 1.4 trillion as initial capital.

Geleximo has charter capital of VND 6 trillion and is operating in the fields of industrial production, real estate, banking & finance and education. The shareholders group holds 23% in ABBank which has VND 4.8 trillion in charter capital, 42% in ABLand which are the two largest members of Geleximo group. Financial performance of Geleximo remains unknown to the public.

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.