VEAM to launch IPO in August

Wednesday, Aug 03, 2016 16:01

HA NOI (Biz Hub) — The Vietnam Engine and Agricultural Machinery Corporation (VEAM) plans to sell more than 167 million shares at its initial public offering on the Ha Noi Stock Exchange on August 29.

After equitisation, the corporation expects to have total registered capital of nearly VND13.3 trillion (US$595.3 million).

The shares, equal to 12.57 per cent of the registered capital, will be offered at a starting price of VND14,290 each.

The corporation aims to earn more than VND10.5 trillion in revenue this year, a six per cent increase compared with last year.

VEAM, established in 1980, mainly produces agricultural equipment and machines, tractors, trucks and buses, as well as motorbikes and spare parts. — VNS

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