Worker at a factory of Hanel. The company earned VND39 billion from an IPO hosted in Ha Noi today. — Photo hanel.com.vn

HA NOI (Biz Hub) — Electronics firm Hanel One-member Company sold more than 3.9 million shares, or 20.4 per cent of the total 19.13 million shares offered in its initial public offering yesterday.

According to the Ha Noi Stock Exchange, there were 42 individual investors at the auction, and the two institutional investors with the highest bid volume reached three million shares.

The average bid price was VND10,004 (US$0.448), only four dong higher than the starting price. After the IPO, Hanel had earned more than VND39 billion.

Earlier, Hanel approved Singaporean firm Sebrina Holdings and Vietnamese electrical designer VietTien Engineering JSC as its strategic shareholders.

According to the company's equitision plan, VietTien will be the biggest Hanel shareholder with 36 per cent of shares, while Sebrina will hold 25 per cent. The Ha Noi People's Committee will hold 29 per cent of shares. The rest will be sold to employees.

Hanel works in electronics production, information technology and telecommunications. It has nine subsidiaries and five associated companies, such as Ha Noi Telecom, which owns telecom provider Vietnamobile, and Daewoo Hotel on Nguyen Chi Thanh Street in Hà Nội.

It has also built many real estate projects in Long Bien District, east of Ha Noi.

In the first half of last year, the company earned VND123.6 billion in revenue and VND11.9 billion in after-tax profit. —VNS