Warburg-backed BW Industrial is pursuing future Vietnam IPO
WARBURG Pincus-backed BW Industrial, a logistics and industrial property developer, is continuing to pursue plans for a future Vietnam initial public offering (IPO), according to chief operating officer Fion Ng.
“That’s definitely one of the potential options in the future that we are continuing to pursue,” Ng said in an interview with Haslinda Amin on Bloomberg Television on Wednesday (Dec 4).
The IPO timing will depend on market conditions, she noted.
The company is well-funded, Ng said. “I don’t think we are gonna be short of funds in the near future.”
BW Industrial has seen no pullback from potential new clients over concerns Vietnam could face new tariffs on its exports to the United States, Ng said.
“We have seen no drop in leasing inquiries,” she pointed out. “In fact, we have hosted more site visits than before for manufacturers flying in from various countries,” including China, Ng added.
Vietnam, one of the world’s most trade-dependant nations which had a surplus of around US$100 billion with the US last year, could be a prime target for president-elect Donald Trump’s policies to rebalance trade.
Trump last month said he would impose additional 10 per cent tariffs on goods from China and 25 per cent tariffs on all products from Mexico and Canada.
Leases this year are up 50 per cent over 2023 and the company is on track to lease 1.2 million square metres of industrial and logistics space in 2024, Ng said.
BW Industrial is looking to keep pace with construction of a million square metres of industrial leasing land a year, according to Ng.
She added: “We are not slowing our investment.”
BW Industrial was founded in 2018 as a joint venture of Becamex IDC and Warburg Pincus. The company has more than 10 million square metres of industrial land in 12 provinces, according to its website.
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