Vinalines raised just over 54.4 billion VND (2.34 million USD) from its IPO on September 5 (Photo: VNA)

Hanoi (VNA) – The State-owned Vietnam National Shipping Lines (Vinalines) raised just over 54.4 billion VND (2.34 million USD) from an initial public offering (IPO) at the Hanoi Stock Exchange on September 5.

The auction offered approximately 490 million shares or 34.8 percent of the firm’s charter capital at the IPO price of 10,000 VND apiece.

It attracted 42 investors with the highest bid valued at 13,000 VND per share and the lowest bid of 10,000 VND per share.

Vinalines sold more than 5.44 million shares – only just over 1.1 percent of the total offered at the IPO at an average price of 10,002 VND apiece.

Of the amount, nearly 5.14 million shares were purchased by individual investors, while the remaining 300,000 shares were sold to organisations.

The Vinalines shares will be listed on the Unlisted Public Company Market (UPCoM) within the next three months.

Vinalines is a State-owned enterprise under the management of the Ministry of Transport, and engages in shipping, port management, and maritime and logistics services in Vietnam and around the world.

As of the first quarter of 2018, Vinalines owned a fleet of 92 ships and operated 67 wharves (or 27 percent of the total wharves nationwide).

It has a 100 percent stake in four companies and controlling stakes (50-70 percent) in 34 subsidiaries, as well as making capital contributions to a dozen others.

The corporation said in recent years, it has successfully restructured and cut down its debt from 9.1 trillion VND (equivalent to 400.8 million USD) in 2014 to 2.61 trillion VND (114.9 million USD) in 2017.

Last year, it reported total revenues of nearly 16 trillion VND (668 million USD), up 15 percent over its target set for the whole year – of which, maritime service was the biggest contributor with 7.1 trillion VND in revenue. Port operation and shipping services each accounted for more than 4.4 trillion VND.

Consolidated profit was estimated at 515 billion VND (over 22 million USD), the highest in the last five years of the firm’s restructuring.–VNA