HNX auctions net 58.7 million USD in Q2

The Hanoi Stock Exchange (HNX) received 1.28 trillion VND (58.7 million USD) in the second quarter of this year from organising 21 auctions to sell stakes in State-owned enterprises (SOEs).
The Hanoi Stock Exchange (HNX) received 1.28 trillion VND (58.7 millionUSD) in the second quarter of this year from organising 21 auctions tosell stakes in State-owned enterprises (SOEs).

This marks a year-on-year increase of 7.3 percent.

Sharesof 12 of 21 companies, totaling 61 million, were totally sold out. InJune alone, 9 out of 12 SOEs organised initial public offerings (IPOs),selling all the shares for 716.5 billion VND (32.85 million USD),accounting for 56 percent of the total value in the second quarter.

Someof the auctions attracted widespread investor interest. The auction ofthe Vinacomin Power – a subsidiary of the Vietnam National Coal-MineralsIndustries Group (Vinacomin), drew 259 investors, while that of BacGiang Water Company Limited attracted 268.

State-owned companiesput up a total of 421.9 million shares in the second quarter. Some ofthem offered a very large number of shares, including Vinacomin Powerwith 236.3 million and Vinacomin's Minerals Holding Corporation (Vimico)with 46.5 million.

For several SOEs, investors wanted to buy more shares than what they ended up getting.

Firmslike the Hanoi Book and Commerce Company Limited (Vietbook), ThuongDinh Footwear Company and Trang Thi Trade and Services Company receivedpurchase offers that exceeded the number of shares by four to 14 times.

Investorswere also willing to pay high prices for stakes in some SOEs. The TrangThi Trade and Services Company received the highest offer of 82,000 VNDper share, eight times the initial price and Thuong Dinh FootwearCompany received an offer that was five times the company's initialprice.

On June 30, the State Capital and Investment Company(SCIC) organised an IPO to sell its stakes in the Joint Stock Machineand Technology Gelimex Company (Gelimex).

Gelimex successfully sold 2.18 million shares worth 18.56 billion VND (851,380 USD) at 8,500 VND per share.-VNA

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