Ho Chi Minh City Development JSCB, or HDBank, filed an application with the Ho Chi Minh City Stock Exchange for its proposed IPO, Viet Nam News reported Dec. 7.
The bank will officially list its shares on the stock exchange after it closes a share sale to foreign investors. The bank said in November that it plans to sell up to a 20% stake to foreign investors, via an IPO, to raise up to US$300 million. Following the IPO, the bank will list its shares on the stock exchange, Reuters quoted an executive of the bank as saying in November.
An IPO and a stock exchange listing are separate steps under Vietnamese regulations, and listing shares on a bourse could occur months after an IPO.
Saigon Securities Inc. is advising the bank on the IPO.
HDBank expects to report pretax profit of 2.4 trillion dong in 2017, up nearly 110% against 2016, the publication reported.
As of Dec. 7, US$1 was equivalent to 22,714.00 Vietnamese dong.
