Vietnam cement maker raises $44 mln in IPO

Vietnam cement maker raises $44 mln in IPO
Published: 30 November 2006

Vietnam’s Ha Tien Cement Co. No. 1 has raised $44m from selling more than 22 million state shares to domestic investors, the Hanoi stock market said on Thursday.

The major cement maker sold all 22,291,500 shares, or 25.62 percent, on offer at an average price of 31,875 dong ($1.98) in an initial public offering on Nov. 27, the Hanoi over-the-counter stock market <.HASTCI> said in a statement.

The pricing gave the Ho Chi Minh City-based company an initial market value of $172 million after a sale in which 15 institutional and 165 individual investors sought to buy six times more shares than were on offer.