State-controlled Vietnam Rubber Group (VRG) is scheduled to list its four billion shares on the Ho Chi Minh City Stock Exchange (HoSE) on March 17, according to a filing to the bourse.

The reference price for the first trading session is set at VND11,570 (US$0.5) per share, equivalent to a market capitalization of VND46.28 trillion (US$2 billion).

At the close on the final trading session on March 6 on the Unlisted Public Company Market (UPCoM), VRG’s share price stood at VND12,500 (US$0.54), slightly higher than the reference price on upcoming listing on the HoSE.

As of present, Vietnam Rubber Group is the largest firm in terms of registered capital and fourth in market capitalization (VND58 trillion or US$2.5 billion) on the UPCoM, which is considered a transitional step before listing on two main exchanges, behind Airports Corporation of Vietnam (ACV) with market cap of VND161 trillion (US$6.93 billion), Viettel Global with VND77 trillion (US$3.32 billion) and Vietnam Engine and Agricultural Machinery Corporation with VND60.4 trillion (US$2.6 billion).

In February 2018, Vietnam Rubber Group launched its initial public offering (IPO) with over 475 million shares on offer, however, only one fifth of the amount was sold for VND1.31 trillion (US$56.39 million).

Once listing on the HoSE is completed, Vietnam Rubber Group would be the second largest firm in terms of registered capital, behind Bank for Investment and Development of Vietnam (BIDV).

The government currently owns a 96.77% stake at Vietnam Rubber Group, which consists of 106 subsidiaries and 21 affiliates.

In 2019, VRG’s revenue stood at VND20.07 trillion (US$865 million), or 83% of the year’s target, and after-tax profit of VND3.99 trillion (US$171.97 million), equivalent to 96% of the target, according to CafeF.