War­burg-backed Vin­com Re­tail eyes US$600m via IPO

New Straits Times - - Business -

HANOI: Vin­com Re­tail, the Viet­namese mall op­er­a­tor backed by War­burg Pin­cus, is plan­ning a do­mes­tic ini­tial pub­lic of­fer­ing (IPO) that could be­come the coun­try’s big­gest-ever share sale from the pri­vate sec­tor, said peo­ple with knowl­edge of the mat­ter.

The unit of Vin­group JSC had se­lected in­vest­ment banks to work on the of­fer­ing and aimed to sell shares as soon as this year, ac­cord­ing to the peo­ple.

It aimed to raise about US$600 mil­lion (RM2.57 bil­lion), which might in­clude a sale of ex­ist­ing shares as well as new stock, said the peo­ple.

Vin­com Re­tail is pre­par­ing to raise funds as eco­nomic growth in Viet­nam raises liv­ing stan­dards and in­creases shop­pers’ dis­pos­able in­comes.

The Asian De­vel­op­ment Bank fore­casts the na­tion’s econ­omy will ex­pand 6.3 per cent this year.

A US $600 mil­lion of­fer­ing would also be the coun­try’s largest IPO in a decade, trail­ing only the 2007 share sale from Bank for For­eign Trade of Viet­nam JSC. Bloomberg

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