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Report: Vietnam-based Vingroup taps banks for US$1B IPO of resi property biz

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Report: Vietnam-based Vingroup taps banks for US$1B IPO of resi property biz

Vietnamese property developer Vingroup JSC tapped four overseas banks for a proposed US$1 billion IPO of its residential property business, Vinhomes, Reuters reported, citing unnamed sources.

Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley will help Vingroup with the proposed IPO, which could be one of the largest equity offerings in Vietnam if completed, according to the report.

Vingroup earlier said it was contemplating several strategic initiatives for Vinhomes, including a potential IPO.

The banks reportedly declined to comment on the matter, while the news outlet could not immediately get a response from Vingroup.

In 2017, Vietnamese shopping mall operator Vincom Retail JSC raised approximately US$700 million in an IPO, making it the biggest public listing in Vietnam at the time.