HD Bank became the first Vietnamese IPO bank in 2017

The Hanoitimes – ​2017 is considered as a successful year for the stock market with VN-Index increased over 40% to nearly 1,000 points. This is one of the main reasons for banks to go public. HD Bank listed more than 980 million shares on the Ho Chi Minh City Stock Exchange (HOSE) on January 5. Before the listing, foreign investors had spent nearly US$ 300 million to own 21.5% of HD Bank’s chartered capital for price of VND 32,000 per share. With the initial offering price of VND 33,000 per share, HD Bank is valued at VND 32.4 trillion (or US$1.43 billion), thus becoming one of 20 largest companies on HOSE.   HD Bank became the first commercial bank in Vietnam making IPO this year. This marks Vietnam’s first listing of a bank this year. The country’s banking sector, which includes state-owned entities, is being pushed to reform and modernize. It has seen progress after some delays. In 2017, 5 other banks have listed their respective shares on the stock market – a record number in recent years.  Specifically, on last January, Vietnam International Bank (VIB) made their debut on the Unlisted Public Company Market (UPCoM), afterwards were Kienlong Bank, VP Bank, LienVietPost Bank and BacA Bank, thus, adding VND 95 trillion (roughly US$ 4.2 billion) to stock market capitalization.  With this listing, it is expected that many companies with large market capitalizations will soon follow suit, thus increasing the liquidity in the market and opening chances for foreign and… [Read full story]

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