September 5, 2018 / 4:04 AM / 3 months ago

Vietnam's Vinalines raises fraction of target in IPO

HANOI, Sept 5 (Reuters) - Vietnam National Shipping Lines, a state-owned shipping firm, raised 54.3 billion dong ($2.33 million) from an initial public offering (IPO) on Wednesday, far below its target of 4.89 trillion dong, the Hanoi Stock Exchange said on Wednesday.

The company, better known as Vinalines, sold 5.43 million shares or only 1.11 percent of the shares offered at the IPO at an average price of 10,002 dong apiece.

Vinalines sold the shares to 39 individual investors and two corporate investors. Foreign investors bought 6,200 shares.

Last month, bookrunner Saigon Securities Inc had said that Vinalines was seeking to raise around $210 million from the sale of 488.82 million shares, or a 34.8 percent stake, at the IPO. ($1 = 23,313 dong) (Reporting by Khanh Vu; Editing by Himani Sarkar)

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