FPT Online Service Joint Stock Company on Monday started trading more than 14 million shares on the Unlisted Public Company Market (UPCoM) at a starting price of VND110,000 (US$4.7).

The shares, under the code FOC, increased 40 per cent in the first session to VND154,000 to hold the highest price on UPCoM.

At this price, FPT Online’s market capitalisation stands at nearly VND2.28 trillion.

FPT Online was established on July 1, 2007 with initial charter capital of VND40 billion. Since then the company has increased its charter capital to over VND140.8 billion.

The firm operates primarily in the areas of online advertising, games and music, as well as social networking and SMS services.

In 2017, the company recorded revenue of nearly VND520 billion and after-tax profit of more than VND250 billion, year-on-year increases of 6 per cent and 27 per cent, respectively.

This year, FPT Online targets revenue of VND570 billion and after-tax profit of VND267.2 billion. — VNS