Vietnam’s state-owned Song Da Corporation plans to offer 219 million shares, equivalent to 48.82% of its charter capital, in its initial public offering (IPO) on December 25. 

It aims to raise at least VND2.4 trillion as the IPO shares will be auctioned at a starting price of VND11,000 each, according to local media reports.

 It plans to allow 822,000 shares to its employees and offer another 219.7 million shares to strategic investors through the auction. After the IPO, the government will hold a 51% stake in the firm.

Song Da Corporation is the contractor for most hydropower projects and infrastructure development in Vietnam. It posted a consolidated revenue of VND9.9 trillion (USD435.8 million) in the first half of this year, down 42% from the same period last year. However, its net profit surged 30% year on year to VND586 billion (USD25 million).

As of the end of 2016, it had total assets of VND31.9 trillion (USD1.4 billion), total equity of VND7.83 trillion (USD344.97 million) and total debt of VND24.1 trillion (USD929 million) with short and long-term loans amounting to VND17.7 trillion (USD779.2 million).

Source: https://www.dealstreetasia.com