The Investment and Industrial Development Corporation (Becamex IDC) plans to sell the shares left over from the firm’s initial public offering (IPO) in early December. – Photo tuoitre.vn

The Investment and Industrial Development Corporation (Becamex IDC) plans to sell the shares left over from the firm’s initial public offering (IPO) in early December.

Becamex IDC will offer more than 296.4 million shares for sale on January 3 at the starting auction price of VND31,000 (US$1.38) per share – equal to the starting selling price at the firm’s IPO.

Only the investors that took part in the company IPO are allowed to attend the coming share sale, which will be held at the HCM Stock Exchange.

Investors can sign up to participate in the auction between December 26 and 29.

The Becamex IDC IPO on December 1 was considered a failure as the company was able to sell only 6.1 per cent of total 311.2 million shares offered for auction.

At the IPO price level of VND31,000 per share, the company IPO had been expected to be the biggest IPO in 2017 and the second-biggest since Vietcombank IPO in late 2007.

According to investors, the starting auction price that Becamex IDC set for its IPO was too expensive compared to the market’s average while the Binh Duong-based company had not performed convincingly with its massive loans and low-profit real estate projects. – VNS