Techcombank is valued at USD 6 billion, planned to be listed in June 2018, sources from Bloomberg.
According to Bloomberg, Singaporean GIC Fund is ready to become an important investor in the upcoming IPO of Techcombank, which is expected to generate USD 900 million for this bank.
Specifically, GIC is in negotiation to spend less than USD 100 million to own Techcombank shares in this offering. Dragon Capital is also one of the parties to the negotiations to become an important investor.
Techcombank is expected to begin offering on February 13. This bank is valued at about USD 6 billion. Techcombank plans to set aside a majority stake for some key investors.
Warburg Pincus recently agreed to invest more than USD 370 million in Techcombank, making its acquisition in the South East Asia. According to Bloomberg data, with offering of US 900 million, Techcombank’s IPO will be Vietnam’s largest offering since the retail company VingroupVincom Retailin October 2017.
“The allocation of shares to investors has not yet completed and the list of investors may change”, said Bloomberg.
As unveiled by Bloomberg, Techcombank shares are expected to begin traded on the floor in June 2018.
Techcombank currently owns 172,353,345 fund shares. The board of directors proposed to sell 13,986,369 shares at the maximum, equivalent to 1.2 percent of its charter capital, through the ESOP plan in the 2nd quarter of 2018. The price of ESOP shares is VND 10,000/share.
As for the remaining 158.366.976 fund shares, equivalent to 13.6 percent of its charter capital, the bank planned to sell to both domestic and foreign investors. Offer price will not be lower than the repurchase price from HSBC in 2017, about 23,000 VND/share.
