The Vietnam National Textile and Garment Group (Vinatex) launched an initial public offering (IPO) on September 22, announced the Ho Chi Minh Stock Exchange.

After the auction, more than 110.5 million shares were sold to 87 investors at the average price of 11,000 VND (0.49 USD) per share, half of which belonged to foreign investors.

Total value of the sold shares was over 1.2 trillion VND (58 million USD).

Under the approved equitisation plan, of the 5 trillion VND (234.7 million USD) charter capital which is equivalent to 500 million shares, 122 million would be sold in the IPO.

The plan allowed the State to hold 51 percent of the capital, and the local staff to buy 3 million shares, or 0.6 percent of the charter capital.

The company would also sell 120 million shares, or 24 percent of the charter capital, to strategic partners.

Vinatex targets an export turnover of 3.6 billion USD by 2015 and 5 billion USD by 2020.-VNA