Vietnam’s state-owned electronics and IT firm Hanel will have an initial public offering at the Hanoi Stock Exchange on April 20, the exchange said on its website.
The Hanoi-based firm, an IBM partner, will auction 19.1 million shares, equivalent to 9.94 percent of its registered capital, starting at VND10,000 (US$0.45) per share, according to the exchange.
Registration for the auction must be made by 4 p.m. on April 15, the exchange said.
Hanel Co. Ltd, which has a registered capital of VND1.93 trillion ($87 million), will also sell a 61 percent stake to two strategic investors – Singapore’s Sebrina Holdings and Hanoi-based VietTien Engineering JSC, Vietnam News Agency reported.
That means after privatization, the state’s holding in Hanel will be reduced to 29 percent.
It is not immediately clear when and where the firm would list its shares. IPOs and listings in Vietnam are two separate processes.
Hanel’s businesses span from electronics and IT sectors to real estate and logistics. The company is the owner of five-star Daewoo hotel and the investor of many real estate projects in Hanoi’s Long Bien District, including Sai Dong B industrial park.
Hanel’s revenue grew from VND619 billion ($28 million) in 2012 to VND884 billion ($40 million) in 2014, Saigon Times Online reported.