Shares of Vietnam Technological and Commercial Joint Stock Bank, or Techcombank, closed at 102,400 dong on the Ho Chi Minh stock exchange on their first day of trading June 4, down 20% from the issue price of 128,000 dong per share under the bank's IPO.
The bank's shares opened at 102,400 dong and reached a high of 105,000 dong, before dipping back to 102,400 dong at the market close. Trading volume reached 2,811,840 shares.
The shares hit the lowest trading limit allowed on a company's debut trading day, Reuters reported. Exchange trading rules in Vietnam do not allow shares to move more than 20% higher or lower than the reference price on the first day of listing.
The Vietnamese bank in April sold 164 million shares at 128,000 dong per share in its IPO, raising 21 trillion dong in the aggregate.
As of June 1, US$1 was equivalent to 22,800.00 Vietnamese dong.
