Investors line up for VTRI's IPO
Investors registered to purchase 14.3 million shares at Vietnam Textile Research Institute (VTRI)`s upcoming initial public offering (IPO), 6.3 times higher than the share volume on offer, announced the Hanoi Stock Exchange on March 7.
With a starting price of VND12,583 (US$0.55) per share, the government targets earning VND28 billion (US$1.23 million) from the IPO, which is expected to be held on March 12 on the Hanoi Stock Exchange.
VTRI targets earning VND28 billion (US$1.23 million) from the IPO.
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Under the approved equitization plan, VTRI will sell 45.26% of its stake at the IPO and 45.26% to a strategic investor. Meanwhile, the remaining 9.48% shares will be offloaded to employees. Substantially, the state will no longer hold any stakes at VTRI.
From 2014 to 2016, VTRI's total revenue from production and trading stood at an average VND76 billion (US$3.35 million) per year, according to the institute's financial statement. In 2017, the total revenue of the institute reached nearly VND57 billion (US$2.51 million).
VTRI's after-tax profit in 2017 was recorded at VND608 million (US$26,691). By the end of 2017, the total value of VTRI exceeded VND41 billion (US$1.8 million), including fixed assets of VND22 billion (US$965,800) and variable assets of VND18.87 billion (US$828,000).
VTRI also owns many land plots and properties at prime locations in Hanoi and Ho Chi Minh City, which is considered a key attraction for investors.
Perhaps the most notable piece is the 2,859sq.m land area in Hai Ba Trung District, Hanoi. After the equitization, this area will continue to be used as the head office and research center of the institute.
Another 5,311sq.m at Hai Ba Trung District will be available for use after the equitization, following the institute's profile in its website. In Ho Chi Minh City, VTRI is holding a land plot of nearly 2,220sq.m in District 1.
Following the Hanoi People's Committee's decision, VTRI will continue using the two above-mentioned land plots in the city for the purpose of scientific research and experiment.
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