The Investment and Industrial Development Corporation (Becamex IDC) will trade more than 23.4 million shares on the Unlisted Public Company Market (UPCoM) on February 21.

The firm’s shares will start trading at VNĐ31,000 (US$1.37) per share.

On December 1, 2017,Becamex IDC put 311.2 million shares, or 23.6 per cent of its chartered capital, for sale at its initial public offering (IPO) but sold only six per cent of the shares.

The company raised only VNĐ587 billion from its IPO, with foreign investors purchasing 56 per cent of the shares sold.

One month after the IPO, Becamex IDC attempted to sell 296.4 million shares left over at its previous IPO, but the second attempt was also unsuccessful as the company was able to offload only 5.1 million shares, earning VNĐ158 billion.

Thus, Becamex IDC sold a total of 24 million shares, or 7.7 per cent of the total shares offered for sale after two attempts, earning VNĐ745 billion.

Under the privatisation plan for Becamex IDC, the company has VNĐ13.17 trillion in chartered capital.

The company will offer 311.2 million shares in its third IPO, while a quarter of its capital will be sold to strategic investors and 0.4 per cent stake will be transferred to its employees.

The government will hold 51 per cent of the company’s chartered capital after it completes the equitisation process. — VNS