Vietnam BIDV Announces Its IPO Start-Bid Price at VND18,500/Share

The lender will  hold the road show on December 10 and the new shares issued will be listed on Hochiminh Stock Exchange no later than Q3/2012

BIDV has a charter capital of VND28.251 trillion, Ha said, adding that the listing plan will be carried out in 2 phases.

Phase I: BIDV will issue shares equivalent to 22% of its charter capital, of which 3% will be offered to the public, 1% to the bank’s staff, 3% to its labor unions, and the remaining 15% to foreign strategic partners.

Phase II: BIDV will issue more shares to foreign strategic investor at maximum 20% of its charter capital in total and float more shares to the public to reduce the state ownership to less than 65% of its charter capital by 2015.

BIDV plans to sell shares to foreign strategic investor in 2012, said Ha, adding that there are currently 42 foreign investors expressing their interests in BIDV’s shares.

The offering price has yet to be announced as the bank is waiting for approval of the government.

The bank also estimated its total assets as of Nov 30 at VND403 trillion, total outstanding loans at VND268 trillion, pre-tax profit at VND4.1 trillion and CAR at 10%.