Saigon Port raises $19m from IPO

Saigon Port raises $19m from IPO

Hanoi: Saigon Port, the largest port operator in Vietnam, has sold 35.7m shares representing 16.5% equity raising around VND411.13bn ($19m) as it debuts on the Ho Chi Minh City Stock Exchange.

Thirty nine investors participated in the IPO, made up of three organisations and thirty six individuals, in the most anticipated IPO auction in Vietnam this year.

The Vietnamese government still holds a 64% stake in the port with 16.5% equity offered to strategic investors including Vingroup, VPBank and Vietinbank. The remaining shares have been offered to staff.

Saigon Port is a subsidiary of Vietnam National Shipping Lines (Vinalines) and operates four container ports. It plans to use the raised funds for the first phase development of Saigon-Hiep Phuoc Port, which is currently under construction, and the development of Tan Thuan 2 Port as an inland container depot.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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