Housing developer Novaland to list, but no IPO
 |
| Novaland Groups plans to list its shares on the HCM Stock Exchange in December.-Photo icon56apartment.com |
Phan Le Hoa, the company's capital market and investment relations director, said documents would be submitted to the HCM Stock Exchange in November and the listing would take place in December.
A private placement of shares would be done by selling to large, prestigious investors, he said.
"After the listing, we predict there will be a free float of 20-25 per cent of the shares."
He said foreign investors would buy 70-80 per cent of the private placement and banks and securities companies, the rest.
While he refused to divulge the price, he said the company aims to be among the top 30 companies in terms of market capitalisation.
The money raised through the private placement will be used to fund ongoing and new projects and retire some debts.
Novaland is one of the biggest property developers in the country with around 40 projects in HCM City.
Last year the company sold nearly 6,700 apartments and office-tel units.
In the first half of this year it has brought into the market 3,800 units.
This year, besides apartments, Novaland has also been building villas and street houses.
Hoa revealed that his company has enough land for developing housing for the next five years.
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional
Latest News
More News
- F88 partners with MB to transform over 850 financial stores into bank offices (December 17, 2024 | 18:04)
- Obstacles to stock-market upgrade to be removed (December 17, 2024 | 11:29)
- Vietnam seizes opportunities amid global trade shifts (December 16, 2024 | 18:00)
- Long-term perspective remains optimal approach (December 16, 2024 | 14:26)
- Fiscal measures to be based on upcoming US status (December 16, 2024 | 10:09)
- PetroVietnam accelerates divestment from PVI (December 16, 2024 | 06:59)
- Techcombank proactive with ESG and sustainability (December 14, 2024 | 10:00)
- VAT cut set to continue on through to summer (December 14, 2024 | 09:00)
- BIWASE Long An issues Vietnam's first AAA-rated bonds worth $27.6 million (December 13, 2024 | 20:22)
- Citi hosts Vietnam Day for Hong Kong clients (December 13, 2024 | 14:21)
Mobile Version