Vietnam’s largest apparel manufacturer and exporter, Vinatex (Vietnam National Textile and Garment Group) has raised VND (Vietnamese Dollar) 1.22 trillion through its Initial Public Offering (IPO). The state-owned company sold 90 per cent of the 122 million shares offered at the IPO at an average price of VND 11,000 a share at an auction organized by the Ho Chi Minh City Stock Exchange. The number of shares sold, accounts for 24.4 per cent of its total shares. Le Tien Truong, CEO, Vinatex happily stated, “According to the current market conditions, the IPO exceeds our expectations.” He further added that the government remains the company’s largest shareholder in the company after the IPO with a 51 per cent stake, while the company’s two strategic partners are together holding 24 per cent.
