Record-breaking funds raised by Vietnamese IPOs
Companies in the F&B and property sectors have been able to raise nearly US$1 billion and above on the back of keen investor interest and strong economic growth.
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THERE is no puffery in the fundraising targets that Vietnam's privately-owned companies are setting for their initial public offerings (IPOs) on the country's stock markets. The extraordinary thing is that those records are being broken by the next IPO that comes along.
Vietnam's largest private-sector bank, Techcombank, launched what was billed as the biggest IPO in Vietnam in April this year, successfully raising US$922 million from global funds. Its record broke the following month when Vinhomes JSC, a residential property developer of the conglomerate Vingroup, raised about US$1.35 billion in its IPO.
Vietnam's private companies are going where the state-owned conglomerates feared to tread.
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