VietNamNet Bride – The Ho Chi Minh City Stock Exchange has announced to hold the IPO (initial public offering) auction of the national carrier Vietnam Airlines' shares on November 15. This is one of the most anticipated auctions in 2014.
According to the equitization plan, Vietnam Airlines has charter capital of over VND14.1 trillion and it will auction more than 49 million shares, equivalent to 3.5% of the charter capital. The auction will be held on the morning of November 14.
With the starting price of VND22,300 per share, the scale of this auction is approximately VND1.1 trillion and Vietnam Airlines' capital will be at VND31.4 trillion, approximately $1.5 billion.
Besides the auction, Vietnam Airlines will sell 20% stake to strategic partners and sell 1.5% stake to its employees.
Speaking to the Wall Street Journal in late August, Vietnam Airlines General Director Pham Ngoc Minh said about potential strategic investors from Japan.
It is not clear whether these strategic investors come from the aviation industry or not. If it is true, the two most prominent names are All Nippon Airways (ANA) and Japan Airlines (JAL).
The details of Vietnam Airlines will be announced in the coming days.
About 1 month ago, the auction of shares of the Tan Son Nhat Airport Services Company (SASCO) was also a big success when the purchasing orders were five times higher than the amount of shares offered for sale. The average price is VND19,330/share, nearly doubling the starting price.
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