PV Power sells over 468 million shares in IPO hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The PetroVietnam Power Corporation (PV Power) sold all 468.37 million shares it offered at the initial public offering (IPO) at the Hanoi Stock Exchange on January 31, raising nearly 7 trillion VND (308 million USD).

The shares, or about 20 percent of the firm’s chartered capital, with the initial price of 14,400 VND (0.633 USD), were sold to 1,981 investors at the average price of 14,938 VND per share, with the highest bidding price at 28,000 VND and the lowest at 14,500 VND.

PV Power, the country’s second largest state-run electricity producer, was found in 2007 and fully-owned by the Vietnam National Oil and Gas Group (PetroVietnam).

It operates eight power companies and electricity plants with a total installed capacity of 4,208.2 MW, capable of supplying about 21 billion kWh per year, or 12 percent of the country’s total power output.

The corporation earned approximately 31 trillion VND (1.36 billion USD) in revenue in 2017. Its pre-tax profit hit over 2.5 trillion VND (110 million USD), 83 percent higher than the yearly target.

It is taking all necessary steps to hold the first shareholders’ meeting and register to be listed in the UPCOM within 3 months after the IPO day.

It will also sell more than 676 million shares, equivalent to 28.88 percent of its capital, to strategic investors.-VNA