Yeah1 gets okay to debut shares on June 26
Entertainment group Yeah1 is set to go public on June 26 with over 27.37 million shares on offer, confirmed the Ho Chi Minh Stock Exchange (HoSE).
With this move, Yeah1 would become the first local entertainment company to float shares on the stock market.
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According to the exchange trading rules, share prices are allowed to move 20% higher or lower than the benchmark price on the first day of listing, which would potentially increase the firm's price tag to over VND8.2 trillion (US$359.5 million).
Additionally, Yeah1 will issue an addition of 7.8 million shares or 25% of the charter capital to investors.
With regard to the high share valuation, the price was not decided by Yeah1, but was offered by foreign investors, said the group's representative at the roadshow on June 18.
Moreover, most of Yeah1's investors come from developed countries, where advertisements on digital platform achieve a growth rate of 50% - 60% per year. The rate, however, is only 5% - 6% in Vietnam, for which the country is considered to have high growth potential.
From now on until 2021, it is forecast that the growth rate of online advertising in Vietnam will reach 30% on an annual basis, according to Yeah1's representative.
Yeah1 is currently the largest multi-channel network in Asia and the 6th largest in the world by monthly views, it claims. The group is also the only certified publishing partner of Google, which has full rights to publish Google content in Southeast Asia.
The entertainment group runs a series of entertainment channels including Yeah1TV, Yeah1family, Imovietv and SCTV2, with nine subsidiaries and four indirect subsidiaries including Yeah1 Vietnam Co., Netlink Online Corporation and TNT Media Advertising.
The group set a revenue target of VND1.6 trillion (US$70.64 million) in 2018, up 90% year-on-year and a profit of VND172 billion (US$7.6 million), up 109% year-on-year.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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