The company also plans to debut on the Unlisted Public Company Market (UpCoM).
Saigon Securities Inc (SSI) was selected as the financial advisor for both the IPO and the private placement of Vinalines shares.
According to the equitisation scheme approved by Prime Minister Nguyen Xuan Phuc in June 2018, Vinalines will offer a 20% stake in the IPO and a 14.8% stake to strategic investors.
The State will continue to hold 65% of the company’s charter capital.
About 0.2% of the capital will be sold at preferential prices to Vinalines’ employees and trade unions.
With face value of VND10,000 per share, Vinalines expects to earn nearly VND4.9 trillion (US$214.8 million) from the IPO and share sale to investors.
Vinalines is a State-owned enterprise, managed by the Ministry of Transport. It engages in shipping, port management, maritime services and logistics in Vietnam and abroad.
It has a 100% stake in four companies and controlling stakes (50-70%) in 34 subsidiaries, and makes capital contributions to a dozen other companies.
Currently, Vinalines operates 14 seaports nationwide and owns the largest area of maritime storages in Vietnam through nine associated companies and subsidiaries. It also owns a fleet of 84 vessels accounting for 25% of the total deadweight tonnage of the domestic sea transport market.
Last year, it posted VND15.79 trillion (US$695.6 million) in consolidated revenue and VND682 billion (US$30 million) in consolidated profit, up 7.8% and more than 20 times from 2016, respectively.