Vinhomes nets $1.35bn from Vietnam IPO alternative

By Jonathan Breen
10 May 2018

Vingroup spun off its real estate arm, Vinhomes, in a D30.7tr ($1.35bn) equity offering this week, stunning the market with the largest listing in Vietnam’s history and in Asia this year. The spotlight has turned to the company’s use of a novel private placement-style structure that is fast becoming popular in the country. Jonathan Breen reports.

Vinhomes is listing using an initial equity offering (IEO), known locally as a ‘put-through’, which was last seen in November 2017 when fellow Vingroup subsidiary Vincom Retail raised D16.1tr. With two such deals coming close together, more listing hopefuls are taking notice, according to Giles Cooper, partner and ...

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