Vietnamese property developer Vincom is set to list on the Ho Chi Minh Stock Exchange (HOSE) on September 19, becoming the 114th member of Vietnam’s main bourse.
The company will debut at VND119,000.
The Hanoi-based Vincom Joint Stock Company, which owns a large office-shopping complex in Hanoi, has a chartered capital of VND800 billion (US$49 million).
The property company’s two public issues this year have raised $48 million by selling 20 million shares.
Of the $48 million (VND775 billion) raised, the company mobilized VND178 billion ($11 million) by issuing 15 million shares to existing shareholders in June.
Vincom Joint Stock Company then raised $37 million from a maiden public auction of 5 million shares on the HCMC exchange (HOSE) earlier July.
The company has targeted profits of VND127 billion ($8 million) this year to bring its earnings per share to VND1,589.
Due to strong demand in the property sector, Vincom forecast its net profits to rise 9 percent this year to $8.6 million on revenues of $15.2 million.
It also plans to branch out into the securities and finance businesses.
It has applied for a license to set up a VND300 billion brokerage offshoot and a VND50 billion fund manager, capitalize on the domestic securities market which is believe to carry numerous investment opportunities.
The company is in the process of developing a recently-licensed $94 million entertainment complex in suburban Hanoi.
It has joined with a local partner to renovate the Thong Nhat Park with a $94 million investment.
Besides, the property developer has proposed to build a 25-storey building and 3-storey car parking lot next to the existing Vincom Tower.
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