Khanh Hoa Sanest Beverage Company earned VND222.7 billion (US$9.8 million) from the sale of nearly eight million shares at its initial public offering (IPO), the HCM City Stock Exchange said.

The starting price for the IPO was VND23,000 per share.

The auction on Monday attracted eight organisations and 285 individuals, who registered to purchase 20,677,820 shares.

The highest bid price was VND80,000 per share, the lowest price was VND25,300 per share and the average was VND27,937 per share, 21.5 per cent higher than the starting price.

Two organisations and 132 individuals won the bids.

Khanh Hoa Sanest Beverage specialises in the production of processed milk and dairy products, non-alcoholic beverages and mineral water, along with selling retail and wholesale beverages and food products.

The company is among five subsidiaries of the Khanh Hoa Salangane Nests Company, with initial charter capital of VND220 billion on the launch day of January 28, 2016.

Last year, the company posted revenue of VND535 billion, accounting for 62 per cent of Khanh Hoa Salangane Nests Company’s total revenue.

Besides exporting products to the United States, mainland China, Taiwan and Hong Kong, Khanh Hoa Salangane Nests Company has also set up branches in other ASEAN countries. — VNS