Hanoi (VNA) - The Vietnam Salt One Member Limited Liability Company (Visalco) will put nearly 1.28 million shares up for sale at its initial public offering (IPO) on April 12.

The shares will be listed on the Hanoi Stock Exchange (HNX), the northern bourse has announced.

The initial price for the shares, representing ownership of 29.28 percent, is set at 21,300 VND (0.93 USD).

Visalco expects to receive more than 43.69 billion VND from the IPO, according to HNX. The State will hold 65 percent of the firm’s capital after it becomes a joint stock company.

Visalco is a State-owned subsidiary of the Northern Food Corporation, one of the most prestigious food suppliers in Vietnam. It produces and sells salt and salt products. Revenue in this field fell sharply from 2018 to 2020 as the company halted supply contracts with several mountainous localities.

After that, it moved to the rice business, with revenue rising from 65.05 billion VND in 2018 to 163.96 billion VND last year.

Under its production and business plan, Visalco forecasts earning 99 billion VND in revenue this year and posting 870 million VND in pre-tax profit. By 2023, revenue is predicted to be more than 110 billion VND, with pre-tax profit to top 1 billion VND./.