Established in Ha Noi in 1984 as a subsidiary of Ha Noi People's Committee, Hanel will have a charter capital of VND1.9 trillion after equitisation. — Photo hanel-csf.com

HA NOI (Biz Hub) — Electronics firm Hanel One-member Company will offer more than 19 million shares in an initial public offering on the Ha Noi Stock Exchange on April 14, the exchange said.

The shares, or a 9.94 per cent stake, will be offered at a starting price of VND10,000 (US$0.43) each.

Established in Ha Noi in 1984 as a subsidiary of Ha Noi People's Committee, Hanel will have a charter capital of VND1.9 trillion after equitisation. The city will hold a 29 per cent stake in this, while the strategic investors will hold 61 per cent and the rest will be sold at the IPO and to the company employees.

Hanel, or the former Hanoi Electronics Corporation, works in the fields of electronics production, information technology and telecommunications. It also works in real estate development.

It has nine subsidiaries and five associated companies, such as Ha Noi Telecom that owns telecom provider Vietnamobile, and Daewoo Hotel in Nguyen Chi Thanh Street in Ha Noi.

In the real estate field, Hanel, which did a joint venture with conglomerate Korean Daewoo Group in the Daewoo Hotel project, became the hotel owner after Daewoo's divestment in 2010.

It also built many real estate projects in Long Bien District, east of Ha Noi.

Though there is still no official statement for last year, according to a local newspaper, Hanel had aimed to earn VND11.6 trillion in revenue and VND878 billion in profit in 2015.

Meanwhile, HNX said No 36 Corporation, a large construction corporation under the defence ministry, will launch its IPO on the same day as Hanel. — VNS