Techcombank’s board of directors answered questions at the pre-listing conference on May 23 (Source: VNA)

Hanoi (VNA) – The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) will begin selling its 1.1 billion shares coded TCB on the Ho Chi Minh City Stock Exchange (HOSE) on June 4 with a starting price of 128,000 VND (5.62 USD) per share.

At the price, the bank is valued at 149 trillion VND (6.5 billion USD), making it Vietnam’s second-biggest listed bank after State-owned Vietcombank at 192 trillion VND (8.4 billion USD).

Techcombank’s capitalisation is even higher than that of the BIDV and Vietinbank, whose charter capital is three times higher in comparison.

Last month, 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 are among the funds coming in as cornerstone investors.

Techcombank also planned to raise charter 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.

It will issue more than 2.3 million common shares with par value of 10,000 VNA each (0.4 USD) to increase its charter capital.

Last year, the bank’s total asset was 269.3 trillion VND (11.8 billion USD) and integrated pre-tax profit was 8 trillion VND (351.2 million USD), double than 2016. The return on equity (RoE) surged to 27.7 percent — the highest level among banks in Vietnam.

The 25-year-old bank provides a broad range of banking products and services to more than 5.4 million Vietnamese customers. It has an extensive network of 315 branches across the country.-VNA