Vincom Retail, the Vietnamese mall operator backed by Warburg Pincus, should see a market value of $3.1 billion to $3.4 billion when it lists next month in what will be Vietnam’s largest ever initial public offering (IPO).

Existing shareholders such as Warburg Pincus and Credit Suisse are offering a combined 380.2 million shares at VND37,000 ($1.63) to VND40,600 ($1.79) apiece, for a price of $620 million to $680 million in total, according to deal terms obtained by foreign newswire Financial Times.

Singapore’s sovereign fund GIC Pte and Franklin Templeton Investments are among cornerstone buyers that have agreed to purchase about $382 million of stock, or 59 per cent of the base offering, assuming deal prices at the midpoint.

Vingroup did not immediately respond to a request for comment on the IPO’s terms.

The company, an arm of Vietnam’s largest developer Vingroup, is raising funds as economic growth in the country lifts living standards and increases shoppers’ disposable incomes. The benchmark VN-Index this month hit its highest level since 2008, while the Asian Development Bank (ADB) forecasts its economy will expand 6.3 per cent this year.

Vincom Retail’s deal would be the largest-ever share sale from Vietnam’s private sector. Even at the low end of the price range, the offering would push the country’s IPO market to its highest volume in a decade. Vietnam has seen $422 million in first-time share sales so far this year.

The bookbuild started on October 16 ahead of an expected allocation on October 26 and shares in the company being listed on November 6. Citigroup Inc., Credit Suisse, and Deutsche Bank are among those arranging the sale.

Other cornerstone investors in the offering include Genesis Investment Management LLP, HSBC Global Asset Management, and the London-based fund manager TT International, according to October 16’s terms. Avanda Investment Management Pte, the Singapore money manager co-founded by former GIC Group Chief Investment Officer Mr. Ng Kok Song in 2015, and Vietnamese investment firm Dragon Capital, have also committed to invest in the IPO.

Warburg Pincus led a group that bought a 20 per cent stake in Vincom Retail in 2013, in the US private equity firm’s first deal in Vietnam. It completed another $100 million investment two years later. Vincom Retail owns shopping centers such as Vincom Mega Mall Royal City and Vincom Mega Mall Times City.

Since Warburg Pincus’s initial investment, Vincom Retail has expanded its portfolio from fewer than five properties to around 40 malls totaling 1.1 million sq m, people familiar with the matter said in August. It has more than 60 per cent market share in the country’s modern retail industry.