Vietnam salt company’s IPO surpasses plan
The Vietnam Salt One Member Limited Liability Company (Visalco) launched the initial public offering (IPO) on the Hanoi Stock Exchange (HNX) on April 12.
Illustrative image (Photo: VNA) Hanoi (VNA) – The Vietnam Salt One Member Limited Liability Company
(Visalco) launched the initial public offering (IPO) on the Hanoi Stock
Exchange (HNX) on April 12.
With nearly 1.28 million shares put on sale at the auction, the volume of ordered stocks amounted to almost 3.88 million. The highest price was 25,100 VND (1.09 USD) per share while the lowest was 23,500 VND.
The sum of money collected from the IPO was over 30 billion VND, 2.8 billion VND higher than the estimated value calculated based on the asking price of 21,300 VND per share.
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./.
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