Vietnam insurer raises $8.8 mln in 2nd share auction
Published July 24th, 2007
Vietnam’s biggest insurance firm Bao Viet raised VND14 billion (US$8.8 million) from a public auction of shares left over from its initial public offering last May after bidders defaulted.
However, of the 15.6 million shares remaining from the previous round, it found bidders for just 1.9 million. The amount raised was thus far below the $72 million the company hoped to raise.
The second round saw an average price of VND74,019 against VND73,910 earlier.
Foreign investors bought the lion’s share at the latest auction, snapping up 1.8 million shares.
The insurer set to raise $112 million from its IPO, having set a starting price for bids at VND30,500 each.
According to industry insiders, the giant insurer might now offer the almost 14 million unsold shares to strategic foreign partners.
The company has a registered capital of VND6.8 trillion ($422 million).
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