Luxury property developer Vinhomes to trade nearly 2.7b shares on HoSE

Vinhomes Royal City (Hanoi)

Vinhomes, the luxury villa and serviced apartment development arm of Vietnam’s biggest property developer Vingroup (VIC), has registered to list nearly 2.7 billion shares on Ho Chi Minh City Stock Exchange (HoSE).

In a disclosure to HoSE, the realty developer announced it has a charter capital of VND26.79 trillion ($1.17 billion). Hanoi-based Vingroup currently owns 69.67 per cent of Vinhomes’ charter capital.

Founded in 2014, Vinhomes offers serviced apartments and villas to residents in the country’s biggest cities. It now owns many brands Vinhomes Royal City (Hanoi); Vinhomes Times City (Hanoi); Vinhomes Riverside (Hanoi); Vinhomes Dong Khoi (Ho Chi Minh City).

Vingoup in February said that it is planning a spinoff of its luxury residential arm that could raise as much as $1 billion, which will mark a strong run of IPOs in the country.

Vietnam’s biggest property developer recently has picked four foreign banks for the planned initial public offering of Vinhomes including Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley.

The IPO of Vinhomes would follow last year’s listing of Warburg Pincus-backed Vincom Retail JSC, Vietnam’s biggest shopping mall operator and also a unit of Vingroup, which raised roughly $700 million.

The participation of Singapore sovereign wealth fund GIC and Franklin Templeton in Vincom Retail’s IPO has attracted other global investors to the country, bankers and lawyers said.

The share sales come in the backdrop of Vietnam’s strong economic growth propelled by domestic demand, export earnings and reforms.

Also Read:

Vincom Retail’s IPO, Vietnam’s biggest-ever, priced at top end to raise $709m

Vietnamese realty major Vingroup forays into higher education space

Vingroup picks banks for property unit IPO that could raise $1b

 

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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.