Vietnam

Vietnam is giving a fillip to transparency around IPOs of state-owned companies, passing a new law that will allow firms that are being privatised to conduct a public bookbuilding. While a step in the right direction, the effect of the law is still being debated, with many problems yet to be overcome, writes Jonathan Breen.

Vietnamese state-owned firm PetroVietnam Oil Corp (PV Oil) is planning to sell 20% of its shares in an IPO in January 2018, according to a Friday statement.

Centratama Telekomunikasi Indonesia has launched a triple-tranche $390m financing into general syndication through two mandated lead arrangers and bookrunners.

Home Credit Vietnam has put together a $80m borrowing with four banks. The deal marks the firm’s second loan in the international market.

Vincom Retail jumped the final hurdle this week to pulling off the largest ever flotation in Vietnam. The firm is on track to raise D16.1tr ($708.6m) by pricing its offer at the top of guidance, after an unusual schedule.

The order books for Vincom Retail’s record-breaking IPO in Vietnam will close a day early. The D15.4tr ($677.9m) listing has already attracted heavy demand.

Vincom Retail is treading new ground in Vietnam’s snail-paced listing market, aiming to list its shares just two weeks after the IPO. But any hopes that this will be the dawn of a new age may be dashed. The big deals set to follow are a slew of privatisations — and Vietnam’s state-owned enterprises are notoriously tardy.

Vincom Retail covered books within hours of starting to take orders for its IPO, which could raise D15.4tr ($677.9m), a huge deal by the usual standards of Vietnam’s domestic equity market.

Vincom Retail, a subsidiary of Vietnamese conglomerate Vingroup, has started pre-deal investor education for its $600m IPO, and is working on an unusually short roadshow-to-listing schedule.

Vincom Retail, a subsidiary of Vietnamese conglomerate Vingroup, has filed for approval to list on the Ho Chi Minh City Stock Exchange, targeting a $600m IPO.

Standard Chartered has allocated a $300m offshore financing for Lotte Vietnam Shopping to four additional banks, following general syndication.

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