Song Hong Garment Joint Stock Company listed more than 47.6 million shares on the HCM Stock Exchange on November 28.

MSH listed at a reference price of VND45,000 (US$1.93) and soon rose to the ceiling of VND54,000 where it ended the day.

At VND54,000 the company’s market cap was worth over VND2.57 trillion ($110.2 million).

Bui Duc Thinh, the company’s chairman, said Song Hong, established in 1988 in Nam Dinh Province, has grown from a small company into one of the country’s leading garment and bedding products manufacturers, with nearly 11,000 employees and more than 20 factories.

It makes products for global brands such as Nike, Levi’s, Calvin Klein, Tommy Hilfiger, DKNY, Karl Lagerfeld, Hurley, Converse, Jordan, Columbia Sportswear, Gap, Bugatti, Dillards, and Express.

It produces and exports 60 million products a year, including jackets, pants, fashion shirts, dresses, t-shirts, polo neck shirts and others.

Song Hong’s bedding products brand has been one of the leaders in the domestic market for the last 10 years and has expanded exports to markets such as Japan and South Korea.

In the first nine months of this year the company reported profit before tax of VND335.5 billion on revenues of nearly VND3 trillion, 107 per cent and 21 per cent up year-on-year.

Since 2015 it has paid cash dividends of 45 per cent every year. A 35-40 per cent payout is planned for 2018 and 35 per cent for 2019.

It plans to expand capacity by 30 per cent from 2020 by investing in another production facility in Nam Dinh Province. — VNS