HDBank debuts on the Ho Chi Minh Stock Exchange (HOSE) on January 5, offering about 981 million shares at the reference price of 33,000 VND each (Photo: HDBank)HCM City (VNA) – The Ho Chi Minh City Development Bank, or HDBank, debuted on the Ho Chi Minh Stock Exchange (HOSE) on January 5, offering about 981 million shares at the reference price of 33,000 VND (1.45 USD) each.
Given a trading band of /-20 per cent, the share price of HDBank, coded HDB, is expected to move within a range of 26,400 VND and 39,600 VND on the first transaction day.
The lender’s market capitalisation was estimated at approximately 32.4 trillion VND, or 1.43 billion USD, putting it within the top 20 stocks by market cap on the southern bourse.
HDBank is the second bank to float shares on the HOSE since early 2017 after VPBank became the the eighth lender to list on the exchange so far.
It held an initial public offering (IPO) for foreign investors in December 2017 that raised 300 million USD for 21.5 percent of its shares.
By listing on HOSE, HDBank expects to raise its market capitalisation and liquidity and bring more opportunities for both domestic and foreign investors, said the bank’s vice chairwoman Nguyen Thi Phuong Thao. To this end, the bank has prepared its business plan between 2017 and 2021 to reach annual growth rate of 25 percent, she added.
From a medium-class lender, HDBank has made significant growth over the past two years and entered the ranks of the top eight banks in terms of total assets and profits.
Ending December 2017, it had total assets worth over 191 trillion VND (8.4 billion USD) and equity in excess of 15 trillion VND (660 million USD). Its profit for 2017 was estimated at 2.42 trillion VND (106.48 million USD). It operates a network of more than 240 transaction branches and 4.8 million clients. — VNA
VNA
