PV Power sells over 468 million shares in IPO
The PetroVietnam Power Corporation (PV Power) sold all 468.37 million shares it offered at the initial public offering (IPO) at the Hanoi Stock Exchange on January 31, raising nearly VND7 trillion (US$308 million).
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The shares, or about 20% of the firm’s chartered capital, with the initial price of VND14,400 (US$0.633), were sold to 1,981 investors at the average price of VND14,938 per share, with the highest bidding price at VND28,000 and the lowest at VND14,500.
PV Power, the country’s second largest state-run electricity producer, was found in 2007 and fully-owned by the Vietnam National Oil and Gas Group (PetroVietnam).
It operates eight power companies and electricity plants with a total installed capacity of 4,208.2 MW, capable of supplying about 21 billion kWh per year, or 12% of the country’s total power output.
The corporation earned approximately VND31 trillion (US$1.36 billion) in revenue in 2017. Its pre-tax profit hit over VND2.5 trillion (US$110 million), 83% higher than the yearly target.
It is taking all necessary steps to hold the first shareholders’ meeting and register to be listed in the UPCOM within 3 months after the IPO day.
It will also sell more than 676 million shares, equivalent to 28.88% of its capital, to strategic investors.
