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Hapro to conduct IPO

Released at: 22:32, 15/02/2018

Hapro to conduct IPO

Photo from kinhtedothi.vn

IPO scheduled for March 30 with a starting price of VND12,800 ($0.56) per share.

by My Van

The Hanoi Stock Exchange has announced a registration has been received from the Hanoi Trading Corporation (Hapro) (HoSE: HAPRO) for its first initial public offering (IPO).

Hapro will offer 75.93 million shares, or 34.51 per cent of its charter capital, with a starting price of VND12,800 ($0.56) per share. It will bring in at least VND971 billion ($42.7 million) if successful.

The IPO is scheduled to take place at 8.30am on March 30 at the Hanoi Stock Exchange. Under the approved equitization plan, Hapro has charter capital of VND2.2 trillion ($96.8 million). 

Regarding the structure of charter capital, the State does not hold shares, while preferred shares for employees total 1.07 million, representing 0.49 per cent of charter capital, 75.93 million shares will be for public auction, or 34.51 per cent, and 143 million shares will be sold to strategic investors, or 65 per cent.

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

It is known for its management, utilization, and investment in many prime real estate projects in Hanoi and other major cities and provinces, such as office space at 5 Le Duan and an office complex at 11B Cat Linh in Hanoi. The latter has 15 stories with a five-floor shopping space and ten floors of office space.

A member of Hapro Holdings, Hapro was established in 2007, specializing in shopping malls such as Quang Hanh (Cam Pha, Quang Ninh) on 2 ha, Bac Giang (6,000 sq m), Phu Ly - Ha Nam (1,922 sq m), Hung Ha - Thai Binh (10,000 sq m), Da Ton - Gia Lam (23,730 sq m), Soc Son (6,340 sq m), and Hapro Viet Tri (5.5 ha). Hapro Holdings is also developing a luxury villa complex on Phu Quoc Island, on an area of 6.5 ha.

Net sales of Hapro 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 is operating under the parent company - subsidiary model with more than 40 member units, has market in over 70 countries and territories in the world.

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