Hanoi: Haiphong Port’s IPO last week disappointed. Statistics just revealed show that just 47% of the shares on offer were sold. The port, controlled by Vietnam National Shipping Lines (Vinalines), sold just 17.699m of the 37.636m registered shares available.
“The disappointing results for the Hai Phong Port IPO probably don’t come as much of a surprise given the current turmoil in the domestic stock markets,” the Ho Chi Minh Securities Company (HSC) commented in its newsletter to clients last week.
Nevertheless, the results are a bitter blow to struggling Vinalines which has been forced by the government to line up a string of IPOs to help pay off debts. Haiphong was the first of many. [22/05/14]