Workers of Tien Giang Vegetables and Fruit Company under Vegetexco process pineapple for exports. Vegetexco had a successful IPO on Friday. — VNA/VNS Photo Dinh Hue

The Vietnam National Vegetable, Fruit and Agricultural Product Corporation (Vegetexco) has successfully sold all the shares that were offered during the company's initial public offerings (IPO) on September 4.

Six investors took part in the IPO and signed up to buy 31.25 million shares while the company offered only 26.67 million shares through the IPO, equal to 39 per cent of the company's capital.

The company sold its shares at an average of VND10,052 per share, bringing the worth of the auctioned shares to a total of VND278 billion ($12.4 million).

After the IPO, Vegetexco will sell the rest of its capital to T&T Group, Sai Gon-Ha Noi Insurance Corporation and Art Export as well as the company's employees.

These investors will hold 35 per cent, 15 per cent and 10 per cent of Vegetexco, respectively, while the company's employees will hold only one per cent of the capital.

Vegetexco now has a chartered capital of VND731 billion ($32.5 million) and operates in processing, importing and exporting vegetable and agricultural products. In the first half of this year, the company recorded a net profit of VND19.6 billion, an increase of 17 per cent over a year.

Beside Vegetexco, the HNX will also organise IPOs for four other State-owned companies, including the Vietnam National Tea Corporation (Vinatea).

Vinatea plans to organise its IPO on September 16 to sell nearly 11.8 million shares, equal to 31.9 per cent of the company's capital, to public investors, at a price of VND10,000 per share.

After the IPO, Vinatea is expected to have a chartered capital of VND370 billion ($16.4 million) and will sell more than 1.6 million shares – 4.4 per cent of the capital – to its employees and more than 23.5 million shares – 63.7 per cent of the capital – to a strategic investor, namely Thong Nhat Production and Investment Co (GTN).

In addition, the HNX will also organise five auctions so that the State can divest capital in five other state-owned companies.

Last month, HNX organised seven auctions, including four IPOs and three auctions, to help the State make divestments, in which 70 per cent of a total 57 million shares offered in the auctions were sold, garnering a total return of VND518.3 billion ($23 million) for the State.

Of these seven auctions, in five the HNX sold all the shares to ensure a return of VND516 billion ($22.9 million) for the State, including two IPOs and three auctions held to divest the State's share in these companies. — VNS