FinanceAsia: Vincom Retail’s 740 million USD IPO named as best deal in Asia-Pacific
As Vincom Retail raised 740 million USD in Vietnam’s largest ever equity deal, the shopping mall operator under Vietnam’s leading property developer Vingroup has been honored by the FinanceAsia magazine as “The Best Private Equity Deal” in 2017.
This is also the first ever equity deal of a Vietnamese enterprise being honored in this category, which has contributed to heightened status of Vietnam in the global equity market.
On November 30, FinanceAsia Award – one of the most prestigious awards in finance has announced its annual Achievement Awards winners with the outstanding deals by category across the region. As such, with Vincom Retail completed its 740 million USD initial equity offering and made its debut on the HO Chi Minh City Stock Exchange (HOSE), the shopping mall operator under Vietnam’s leading property developer Vingroup has been honored by the FinanceAsia magazine as “The Best Private Equity Deal” in 2017.
After one month of listing in the stock market, the stock value of VRE has increased 20%, taking Vincom Retail to be one of the listed companies in stock market with the biggest capital. This is also the first shopping mall operators in Vietnam listing shares on the stock exchange.
The shopping mall operator debuted amid light trading to close at 40,550 dong a share, valuing the company 77 trillion dong ($3.38 billion) and making it one of Vietnam's top 10 listed names by market capitalization. Foreign investors, including the Singapore sovereign wealth fund GIC, on Tuesday acquired 415 million, or 21.8%, of listed shares, for 40,600 dong apiece.
Vincom Retail was founded in 2012 to develop modern retail channels and operations, becoming a private company a year later. After starting out with three malls, it now has three subsidiaries and 41 malls operating on four platforms: Vincom Center, Vincom Mega Mall, Vincom+ and Vincom Plaza. The company plans to have 200 malls by 2021. Vincom Retail currently has shopping centers in 22 cities across Vietnam with a gross retail floor area exceeding 1.1 million sq. meters.
They account for 60% of retail space in Hanoi and Ho Chi Minh City, according to research by Colliers International. The existing prime assets of Vincom Retail include Vincom Dong Khoi and Vincom Thu Duc in HCM City, Vincom Ha Long in Quang Ninh Province, Vincom Ngo Quyen in Da Nang City, and Vincom Ba Trieu, Vincom Long Bien, Vincom Mega Mall Royal City and Vincom Mega Mall Times City in Ha Noi. Vincom Retail competes with Japan's Aeon and Takashimaya, France's Auchan, South Korea's E-Mart and Lotte, Malaysia's Parkson, Thailand's Robinson and Big C and Vietnam's own Co.opMart.
FinanceAsia was established in 1996 as a monthly magazine and is published 10 times a year. It organizes annual awards for Asia's financial industry, the FinanceAsia Achievement Awards, which each year recognizes the region's most significant transactions and the financial institutions that advised on them. The trophies are given out at a black-tie dinner at the start of the year.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years