More than 1.16 billion shares of the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) coded TCB were officially listed on the Ho Chi Minh Stock Exchange on June 4. (Source: Techcombank)

HCM City (VNA) - More than 1.16 billion shares of the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) coded TCB were officially listed on the Ho Chi Minh Stock Exchange on June 4.

The TCB shares were traded at a starting price of 128,000 VND (5.62 USD) per share.

According to Techcombank Chairman Ho Hung Anh, at the price, the bank was valued at 149 trillion VND (6.56 billion USD), making it the second largest listed bank in Vietnam.

The bank commits to accelerating sustainable development strategies to bring practical benefits to investors and make contributions to the development of the stock market in the country, he noted.

In April, Techcombank raised 922 million USD in one of the country’s biggest initial public offerings (IPO). Singapore wealth fund GIC, Fidelity Management and Research, and Dragon Capital were among the funds coming in as cornerstone investors.

Techcombank also planned to raise its chartered capital by three times from the current 11 trillion VND (481 million USD) to 35 trillion VND (1.5 billion USD) after its listing debut to better compete with not only local rivals but also regional ones. It will organise an abnormal shareholder meeting on June 14 to approve the charter capital listing.

In 2017, the bank’s total asset was 269.3 trillion VND (11.8 billion USD) and integrated pre-tax profit was over 8 trillion VND (351.6 million USD), doubling the amount in 2016. The return on equity (RoE) surged to 27.7 percent, the highest level among banks in Vietnam.

At the listing ceremony, Deputy General Director of HOSE Tran Anh Dao said that the listing marks a turning point for the bank, which helps the bank increase its prestige and have more opportunities to mobilise capital for development.

She hoped that the bank will comply with legal regulations in the stock market to affirm its position and business value in the stock market in the coming time.-VNA