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​Vietnam's HDBank to list shares on Jan 5

​Vietnam's HDBank to list shares on Jan 5

Friday, December 29, 2017, 09:09 GMT+7

HDBank will debut on Vietnam's main stock exchange on Jan. 5, a listing document showed on Thursday, after it raised $300 million in an initial public offering last week.

The bank has been granted approval to list over 980 million shares on the Ho Chi Minh Stock Exchange at a reference price of 33,000 dong a share, the document showed.

The listing values the Vietnamese lender, formally known as Ho Chi Minh City Development Joint Stock Commercial Bank, at around 32.4 trillion dong ($1.43 billion).

Nguyen Thi Phuong Thao, the billionaire founder and chairwoman of Vietnam's largest private airline Vietjet Aviation, is vice chairwoman of HDBank.

The exchange allows share prices to fluctuate within a band of 20 percent on the first trading day. In Vietnam, IPOs and listings are two separate processes.

More than 76 foreign investors paid a total $300 million for shares of HDBank in the IPO on Dec. 22, the bank said on its website.

Japan's Credit Saison Co , Germany's Deutsche Bank AG and JPMorgan Vietnam Opportunities Fund, among others, bought shares in the IPO, the lender said, with each foreign investor getting to own less than 3 percent stake.

HDBank expects to report a net profit before tax this year at 2.4 trillion dong ($105.66 million).

Reuters

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