The auction share of Vinafor at Ha Noi Stock Exchange. The company earned $11.03 million from the auction share. — VNA Photo

HA NOI (Biz Hub) — The Viet Nam Forest Corporate (Vinafor) earned VND246.2 billion (US$11.03 million) from sales of more than 24.3 million shares at an initial public offering on April 21.

The auction attracted 27 individuals and two institutions. Bid volume reached 12,250,000 shares, and the highest bid price was 17,200 VND per share, the auction organiser Ha Noi Stock Exchange said.

The average sale price was 10,114 VND per share, 114 dong higher than the opening price.

According to the company's equitisation plan, Vinafor will have charter capital of VND3.5 trillion, corresponding to 350 million shares. The State still holds a 51 per cent stake, strategic investors hold 140 million shares, or 40 per cent of charter capital, while other investors and staff employees hold the rest.

Vinafor chose multi-industry investment firm T&T Group as its strategic shareholder.

Established in 1995, Vinafor operates in planting, forest protection and forest product processing in Viet Nam. It is also involved in office leasing services. In 2015, the company reported revenues of VND1.2 trillion, an increase of 15 per cent over 2014. It also reported after-tax profits of VND159 billion.

It operates in 12 cities and provinces with land 43,450ha, including in Ha Noi, HCM City, Hai Phong City and Binh Dinh Province.

Vinafor has been constructing high-rise apartment blocks in the capital city's Ha Dong District and an office building in Quy Nhon City in Binh Dinh Province. The two projects will be completed in 2016 and 2017. — VNS