PV Power plans January IPO

The Hanoitimes – PetroVietnam Power (PV Power) plans to offer 468.3 million shares of its chartered capital in an initial public offering (IPO) on January 31, that aims to raise at least VND 6.74 trillion (US$296 million), stated in its official website. That said, the number of shares equivalent to 20% of PV Power’s chartered capital will be listed in the Hanoi Stock Exchange with an initial price of VND 14,329 per share (US$ 0.64), indicating the chartered capital at VND 23 trillion (US$ 1.04 billion).    PV Power is currently the second largest electricity producer in Vietnam. PV Power is currently the second largest electricity producer in Vietnam after Electricity of Vietnam (EVN) in terms of capacity, thus, its IPO is expected to attract interests from international investors. PV Power will host two roadshows to introduce investment opportunity to potential investors on January 16 in Hanoi and another on January 19 in Ho Chi Minh.  At the roadshow, PV Power will provide essential information and answer questions with regard to the equitization process of PV Power. After completing the IPO, PV Power will continue selling 676 million shares to strategic investors, or equivalent to 29% of its chartered capital.  Strategic investors have to record positive after-tax profit in the two recent consecutive years and no accumulated loss, while they also have to commit not to transfer shares in 5-year period.  PV Power is working with Vinacapital, BNP Paribas, Standard Chartered Bank on the process of equitization and in search… [Read full story]

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