Shares of Van Phu-Invest Investment Joint Stock Company (code VPI) soared 29.7 per cent on its first trading day on the Ha Noi Stock Exchange on Tuesday to close at VND35,800 (US$1.57) a share.

At this price, the company was valued at more than VND5.7 trillion ($251 million), making it the ninth largest real estate company on the stock exchange.

Its chairman and CEO To Nhu Toan, with an ownership of 25 per cent stake in the company, advanced into the stock exchange’s billionaire with estimated total assets of over VND1.43 trillion.

Established in 2003, the company has current charter capital of VND1.6 trillion, equivalent to 160 million shares. The company began attracting market attention since 2010 with a series of projects including Van Phu Urban Area and Van Phu – Victoria apartment building in Ha Noi’s Ha Dong District.

It posted a net profit of VND238.3 billion in the first nine months of this year and targeted a yearly profit of VND420 billion. The earnings per share (EPS) ratio was VND4,500. – VNS