The Vietnam Exhibition Fair Centre Co Ltd (VEFAC) will auction nearly 16.27 million shares during its initial public offering (IPO) on March 20, the Hanoi Stock Exchange has announced.

VEFAC's total equity is expected to surge from 166.6 billion VND (7.93 million USD) to nearly 1.67 trillion VND (79.52 million USD) after the equitisation.

Of the total equity, 90 percent will be offered to the public, with 80 percent reserved for a strategic investor, possibly a leading property developer in Vietnam.

Within three years of its equitisation, the company will spend the current equity on business activities related to exhibitions and fairs. It also plans to use the additional amount for new property investments.

The new investments are being projected by the Government as part of a national exhibition and fair centre. They include building an "exhibition city" Nhat Tan–Noi Bai in Hanoi's Dong Anh district, and a 68,380-square-metre trade, services and cultural complex, named Giang Vo, in the Ba Dinh district.

Me Tri, a trade, tourism and culture park will also be constructed in the south-west of the capital and will cover an area of about 126ha.

VEFAC Deputy General Director Nguyen Danh Thuan stated on the company's website that the firm is recruiting more employees to facilitate the implementation of these projects.-VNA