The Vietnam Oil Corporation (PV Oil) auctioned over 206 million shares in an initial public offering in HCM City on January 25. — VNS Photo

The Vietnam Oil Corporation (PV Oil) successfully auctioned over 206 million shares in an initial public offering in HCM City on Thursday.

Domestic and foreign investors paid an average of VND20,196 per share – the highest bid was for VND40,000 and the lowest was for VND19,200 — against a starting price of VND13,400.

The sale of a 20 per cent stake attracted 3,195 bidders who registered to buy more than 483 million shares, 2.33 times the number on offer.

Foreign investors ended up buying over 68.4 million shares.

The Government managed to raise VND4.17 trillion (over US$184 million) from the sale of shares in the subsidiary of the Viet Nam Oil and Gas Group.

It was part of Viet Nam’s broader privatisation programme that seeks to divest hundreds of State-owned enterprises.

PV Oil is Viet Nam’s sole crude oil exporter and among the country’s top oil products retailers with a 22 per cent market share. — VNS