Workers process seafood products. The Vietnam Sea Products Corporation Company Limited made its initial public offering on December 12. — Photo seaprodexsg.com

HA NOI (Biz Hub) — The Vietnam Sea Products Corporation Company Limited (Seaprodex) sold more than 45.17 million shares in its initial public offering (IPO) at the HCM City Stock Exchange on December 12.

The number of shares sold amounted to more than 75 per cent of the total number of shares.

Seaprodex, which has VND1.25 trillion (US$59 million) in charter capital after equitisation, offered 60,826,400 shares for an initial price of VND10,100 (US$0.4) each.

The company earned VND456.2 billion ($21.7 million), or 36.13 per cent of its charter capital, after selling the shares to 55 investors. The highest auction price paid was VND13,500 ($0.6) per share, and the lowest was VND10,100 ($0.4).

The Ha Noi Export – Import Company (Geleximco) reportedly purchased 35 per cent of Seaprodex's shares, equivalent to 25 per cent of the company's charter capital.

The IPO is part of a government-approved privatisation scheme for Seaprodex, in line with plans to restructure State-owned enterprises. Under the scheme, the State will hold a 51 per cent stake, while a 0.34-per cent stake, equivalent to 423,600 shares, will be offered to employees at preferential prices.

Tran Tan Tam, Seaprodex General Director, was quoted by news website ndh.vn as saying that the State holds 63 per cent of its equity, and that the company will sell its shares in early 2016 to reduce the State capital in the company.

Seaprodex deals in fisheries, transportation and logistics, as well as shipbuilding, real estate, finance and tourism. — VNS