Vietnam's state-owned pharma to sell 18 pct stake in IPO

Thanh Nien News

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 An undated photo of a Vinapharm factory. Photo: VNA
Vietnam Pharmaceutical Corporation, which is wholly owned by the Ministry of Health, is set to sell 42.5 million shares in its initial public offering this June 22, the government website reported on Monday.
Since the shares will be sold at a starting price of VND10,000 (44 US cents) each, the sale, equivalent to a stake of 18 percent, is expected to help the company raise at least VND420.5 billion ($18.6 million).
After the IPO, Vinapharm, as the company is better known, will sell another stake of around 17 percent to strategic partners, according to news website Saigon Times Online. It is not immediately clear who the prospective partners are. 
A major trader in drugs, supplements and healthcare equipment with stakes in 22 pharmaceutical companies, Vinapharm reported revenue of VND204.1 billion ($9 million) in 2015, up 46.14 percent.

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