Tam Phuoc Industrial Park and Service Company, an affiliate of the Dong Nai Province-based, State-owned Tin Nghia Co has sold more than 8.2 million shares in its initial public offering.
Some 850 investors including 23 institutions participated in the auction at the HCM City Stock Exchange on Monday.
The highest bid was VND90,100 (US$5.65) and the average price was VND50,250. The reference for the auction was VND40,000.
General director for the parent company Tin Nghia Co, Quach Van Duc, said the IPO would help increase the IP developer’s chartered capital to VND179 billion ($11 million) from current VND84 billion.
The money would also help the developer invest in a service centre area of 4ha and a residential project of 18ha, next to the IP. The two projects will require a combined investment of around VND235 billion.
Tam Phuoc was established in 2003 covering over 323ha in Tam Phuoc Commune, Long Thanh District, of
Fifty-six businesses are already located in the IP, with a total investment worth $300 million.
(Source: VNS)
