Vincom Retail, the shopping mall subsidiary of Vingroup, launched on Monday Vietnam’s largest-ever initial public offering (IPO), in a deal worth up to $713 million, IFR reported, citing a term sheet of the deal.

The IPO consists of 380.22 million shares in the institutional tranche and another 19 million for the retail tranche, offered in an indicative range of 37,000 to 40,600 dong each, added IFR, a Thomson Reuters publication.

That would put the offering at up to 16.2 trillion dong ($713 million), with all proceeds going to Vincom Retail’s private equity investors and other shareholders.

Vingroup did not immediately respond to a request for comment on the IPO terms.