<article><a style="color: #0000ff;" href="http://seaprodex.com/en/" target="_blank">Vietnam National Seafood Corporation (Seaprodex)</a> , 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.</article>

<a style="color: #0000ff;" href="http://seaprodex.com/en/" target="_blank">Vietnam National Seafood Corporation (Seaprodex)</a> , 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 <a href="http://www.dealstreetasia.com/stories/petrovietnams-subsidiary-pvcfc-plans-122-6m-dec-float/" target="_blank"> PetroVietnam Camau Fertilizer Ltd (PVCFC) was supposed to be the largest IPO</a>, followed by the <a style="color: #0000ff; text-decoration: underline;" href="http://www.dealstreetasia.com/stories/seaprodex-marks-vietnams-second-biggest-dec-ipo/" target="_blank">IPO of sea food producer Seaprodex</a>.
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 &amp; 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.

Vietnam's Seaprodex raise $21.7m in IPO

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Vietnam's Seaprodex raise $21.7m in IPO

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