Vietnam’s real estate developer Hung Thinh Land is seeking a valuation of $2 billion in its 2023 initial public offering, one of the most hotly anticipated stock listings of the year.
The real estate arm of Hung Thinh Group has filed an IPO document to the Securities Commission, realizing its plan to list shares on the Ho Chi Minh City Stock Exchange next year. The deal is expected to make Hung Thinh Land the third largest real estate firm on the Vietnamese stock exchange.
The builder of high-rise condominiums and trip villas is offering about a 10 percent stake as it seeks to raise not less than $200 million. The company plans to set the preliminary worth at least VND45,000 every for the IPO. It seems to concern 100 million shares to international and home traders early subsequent 12 months.
Earlier, Hung Thinh Land received investment from Dragon Capital and VinaCapital. The transaction value was $103 million, marking the first step of the enterprise to participate in the international capital market, creating a good foundation for long-term strategic orientations.
The 20-year-old developer targets promoting greater than 10,000 properties subsequent 12 months, from 5,100 in 2021 and an estimated 6,000 this 12 months. Hung Thinh Land sees after-tax profit in 2022 surging to VND3.4 trillion from VND10.5 trillion revenue.
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