Hai Phong Port raised VND238.7 billion ($11.3 million) in its IPO.— Photo nosco

HA NOI (Biz Hub) — Initial public offerings of State-owned enterprises (SOEs) have raised a total of VND1.7 trillion (US$80.9 million) so far this year.

From the beginning of this year to May 14, 25 SOEs had their shares auctioned on the Ha Noi Stock Exchange while on HCM Stock Exchange, four SOEs were equitised.

Most recently, Hai Phong Port raised VND238.7 billion ($11.3 million) in its IPO. About 47 per cent of more than 37.635 million shares put on sale at an initial price of VND13,500 ($0.64) a share, were sold at the auction to 78 investors, none of whom were foreigners.

Hai Phong Port had the biggest charter capital among SOEs which launched an IPO, worth around VND3.27 trillion ($155.7 million), followed by Viglacera with a charter capital of VND3.07 trillion ($146.1 million).

The Ministry of Transport had the most SOEs which implemented an IPO this year which numbered 9, including Cienco 1, Cienco 4, Thang Long Construction Corporation, Tedi and Vinawaco which were among 11 SOE overall had all of their shares sold at the IPO.

Seven out of 25 SOEs did not have a successful IPO with less than 5 per cent of shares sold.

One of which was Cienco 8, with only 37,000 shares out of more than 10 million shares or 0.37 per cent sold. Others included Ha Noi Construction Corporation, Vivaso and Vinamotor.

SOEs' IPO seemingly did not appeal to foreign investors as only Viglacera had foreign investors who bought 10.1 million shares, accounting for 52 per cent of the total shares sold.

Under the approved plan, 432 SOEs must be equitised in the 2014-15 period. This is a number, which many said would be too ambitious. — VNS