State-controlled meat processor Vissan raised nearly VND907 billion (US$40.1 million) after selling a 14 percent stake at its initial public offering on Monday, local media has reported.
The company sold its shares for VND102,000-67,000 ($4.5-2.9) each, compared to the starting price of VND17,000 a share.
Foreign investors bought more than 29 percent of 11.33 million shares that Vissan put up for sales, local media reported.
Vissan plans to sell another 14 percent stake to strategic partners after the auction. The state ownership, managed by Ho Chi Minh City-based trading company Satra, is set to be reduced to 65 percent.
CEO Van Duc Muoi told news website VnExpress that three animal feed producers -- South Korean-owned CJ and Anco and Proconco, both controlled by consumer goods Masan Group -- have offered to buy the 14 percent stake.
One of Vietnam's leading top meat processors, Vissan now owns 985 outlets around the country, mostly in supermarkets and convenience stores.
In 2014, the company saw a year-on-year increase of 4.3 percent in its net revenue to more than VND4.88 trillion ($215.84 million), according to latest figures from the company. It posted a revenue of VND3.34 trillion ($147.72 million) in January-September last year.