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Entire Hapro IPO auctioned

Released at: 06:43, 31/03/2018

Entire Hapro IPO auctioned

Photo from baomoi.com

All 75.7 million shares snapped up at HNX auction on March 30.

by Ngoc Han

Hapro sold all of its 75.7-million-share initial public offering (IPO) on March 30 at the Hanoi Stock Exchange (HNX), to a total of 346 investors. The offering represented 34.51 per cent of charter capital.

The opening price was VND12,800 ($0.56) and investors secured shares at an average price of VND12,908. The highest bid was VND20,000 ($0.87) and the lowest the opening price. More than 93.18 million shares were sought in total, or 22 per cent higher than the offering. The auction brought in VND980 billion ($42.9 million).

The 346 investors included two organizations and 344 individuals, and foreign investors were among the buyers.

Hapro is the first corporation belonging to Hanoi authorities to be equitized. Its main activities are trading services, imports and exports, and the development of commercial infrastructure.

Net sales in 2017 fell 17 per cent to VND1.92 trillion ($84.5 million), while pre-tax profit was only one-sixth of the figure in 2016. Hapro operates under the parent - subsidiary model and has more than 40 member units with a market presence in over 70 countries and territories.

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