Only 158 investors have registered to buy more than 18.95 million shares, equivalent to just 6.1 per cent of shares offered, at the initial public offering of the Investment and Industrial Development Corporation (Becamex IDC).

The IPO is scheduled on December 1 on the HCM Stock Exchange.

Among them, only five are foreign institutions, booking the purchase of nearly 10.64 million shares, and 153 are domestic investors --149 individuals and four institutions -- who want to buy some 8.3 million shares, the HCM Stock Exchange announced.

The information is disappointing as the IPO was expected to draw special investors’ attention given its sizable share offering as well as the leading position of the company in the industry.

Early this month, Becamex said it would float over 311.2 million shares, equivalent to 23.63 per cent of its charter capital, through the IPO. The initial selling price is set at VND31,000 (US$1.37) per share, valuing the company at VND40.83 trillion ($1.8 billion).

The company is expected to collect at least VND9.65 trillion from the sale (if all the shares are sold), making it the second largest IPO of a State-owned enterprise since Vietcombank’s IPO worth VND10.5 trillion in December 2007.

Established in 1976, Becamex IDC is one of the largest real estate companies in Viet Nam, focusing on developing industrial, residential, urban and transport infrastructure. Under the equitisation plan, the State will retain 51 per cent of the company’s charter capital worth VND13.17 trillion. — VNS