Shares of Viet Capital Securities hit the ceiling on first trading day

July 07, 2017 | 16:05

(0) user say

Viet Capital Securities JSC had a successful debut on the Ho Chi Minh Stock Exchange today.

Representatives from Viet Capital Securities and the Ho Chi Minh Stock Exchange on the first trading day of VCSC's stocks

This morning, Viet Capital Securities (VCSC) listed 103 million shares on the Ho Chi Minh Stock Exchange, pricing each stock at VND48,000 ($2.11). The shares immediately hit the roof, rising by 20 per cent to reach VND57,600 ($2.53) during the morning trading session.

This surge confirmed earlier forecasts by the firm’s deputy CEO Dinh Quang Hoan, who was positive that VCSC would attract overwhelming demand from investors.

Viet Capital Securities received the trading certificate

Prior to today’s listing, VCSC has held a private placement for investors, who altogether bought 10 per cent of the shares, to raise VND720 billion ($31.65 million) for the brokerage. At least 28 overseas funds have joined the placement, hailing from Singapore, Thailand, the US, Europe, and Japan, together with Vietnamese names, such as Dragon Capital, Vietnam Holding, and PXP.

In 2016, VCSC reported VND894 billion ($39.3 million) in revenue and VND338 billion ($14.8 million) in post-tax profit. The brokerage aims to boost this revenue by 22 per cent in 2017, while profit is anticipated to grow by 30 per cent.

Viet Capital Securities to be listed this Friday

Viet Capital Securities JSC will debut its shares on the Ho Chi Minh Stock Exchange this Friday, following a successful private placement last month.

Planning in a time of unseen variables

How will US President Trump’s policies affect Vietnam’s inbound foreign investments, trade, and forex rates? Barry Weisblatt, head of research at Viet Capital Securities, digs into the question on everyone’s minds.

Local stocks draw in foreign capital

Foreign investors continue to favour Vietnam as a stable investment destination amid global economic uncertainty, but they still need stronger incentives to stay in the country for the long term. Michel Tosto, head of Institutional Sales at Viet Capital Securities, spoke with VIR’s Phuong Nguyen about how Vietnam can bolster ongoing commitment from overseas investors.

By By Nam Phuong

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional