Market sees large IPOs in March hinh anh 1Cholimex offered more than 21.58 million shares, equivalent to a 25 percent stake, in its IPO on March 4 (Photo: HoSE)

Hanoi (VNA) - The local market has seen some of the most attractive shares offered in initial public offerings (IPOs) in March.

Since the beginning of this year, 20 local companies have launched their IPOs.

In particular, the shares of well-known companies with good growth potential, such as the Vietnam Meat Industries Limited Company (Vissan) and Cholimex in the food industry, attracted many investors on the HCM Stock Exchange (HoSE).

On March 7, Vissan off-loaded all of its over 11.3 million shares, or 14 percent stake, with the IPO, earning more than 900 billion VND (40.1 million USD) in total.

Based in HCM City, Vissan is one of the leaders in the food market, especially in the sectors of fresh meat and processed foodstuff.

The selling price per share more than quadrupled the starting price of 17,000 VND each. Vissan received subscribers asking for up to 63.6 million shares, more than five times the number of shares released in the IPO.

After the IPO, the State still held a 65 percent stake in Vissan as its major shareholder.

Three days earlier, local chili sauce manufacturer Cholimex Food Joint Stock Company offered more than 21.58 million shares, equivalent to a 25 percent stake, in its IPO.

Cholimex then sold less than 14 million shares, or 64 percent of the offering, at 10,000 VND per share, earning a total of 138 billion VND.

After the IPO, the State still held 49 percent of the charter capital in the company. Cholimex will sell a 1.15 percent stake to employees and 24.9 percent to strategic investors.

In the textiles sector, Gia Dinh Textiles and Garments one-member limited company (GIDITEXCO) will offer 15 million shares in its IPO on HoSE on March 18 at the starting price of 10,200 VND each.

Based in HCM City, the State-owned GIDITEXCO specialises in production and the import and export of products, machinery and equipment for the textile and garment industry. The company, which has two subsidiaries and 12 joint ventures in Vietnam, is estimated to have charter capital of more than 627 billion VND after equitisation.

According to data from the two bourses, other IPOs will also take place this month, including offerings from the Vietnam Rubber Group, Nha Trang Vaccines and Biologicals Company, Tin Nghia Corporation and Vietnam Book Company.

According to the Electricity of Vietnam group, it will release IPOs for the Power Generation Corporation 3 (Genco 3), the largest — in terms of capacity — of the three Gencos in March.

Last year, the southern bourse of HoSE organised 50 IPOs, selling 338.1 million shares for 4.45 trillion VND in total. This year, the bourse plans to host the IPOs of major players such as MobiFone Telecommunications Corporation, Saigon Commerce Corporation Saigon (Satra) and Ben Thanh Corporation (Benthanh Group).-VNA