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Vinhomes debuts on Vietnam bourse as 2nd most valuable listed company

Vinhomes JSC debuted on the Ho Chi Minh City Stock Exchange as the second most valuable listed Vietnamese company with a market capitalization of 296 trillion dong, just behind its Vingroup JSC parent, Tokyo's the Nikkei Asian Review reported.

Following the largest IPO in Vietnam, the residential developer listed on the bourse May 17, offering 2.68 billion shares for 92,100 dong each, the publication reported May 18.

Nguyen Dieu Linh, Vinhomes' CEO, was cited by the paper as saying the Hanoi-based company's listing will improve its capacity to raise funds for new projects. The company has 26 new projects in its pipeline until 2021 and has 10 more under construction.

Vinhomes' revenue is expected to amount to 24.6 trillion dong in 2018 and 80.3 trillion dong in 2019, up from the 15.2 trillion dong recorded in 2017. The company's net profit, according to the report, is forecast to reach 5 trillion dong in 2018 and 20 trillion dong in 2019.

As of May 17, US$1 was equivalent to 22,777.00 dong.