Vinalines port subsidiary raises $19m in IPO

Saigon Port Company Limited, owned by Vietnam National Shipping Lines, sold 35.71 million shares in its initial public offering on the Ho Chi Minh City Stock Exchange.    Saigon Port Company Limited raised 411.13 billion Vietnamese dong (U.S. $18.83 million) in its initial public offering organized at the Ho Chi Minh City Stock Exchange last week, selling 35.71 million shares, according to a statement from the company.
   Saigon Port is the largest port operator in Vietnam and a subsidiary of state-owned Vietnam National Shipping Lines (Vinalines).
   The publicly sold shares were sold at an opening price of per share, which increased over 96 percent to a maximum of VND 22,500 per share throughout trading. Average share price was VND 11,514, up less than 1 percent from its initial price.
   The government of Vietnam retained a 64 percent stake in the port operator, with sold shares accounting for 16.51 percent of Saigon Port’s chartered capital. Investors included three organizations – property developer Vingroup (VIC), Vietnam Bank for Industry and Trade, and Vietnam Prosperity Bank – and 36 individuals.