164 million Techcombank shares sold out to institutional investors

April 29, 2018 | 12:01

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Techcombank (UpCOM: TCB) has raised some VND21 trillion ($933.33 million) through its offering of 164.07 million ordinary shares to institutional investors, at VND128,000 ($5.69) a piece.

Techcombank shares will then debut on the Ho Chi Minh City Stock Exchange (HSX) on June 4, the bank also announced.

164 million techcombank shares sold out to institutional investors

164 million TCB shares sold out to institutional investors

Nguyen Le Quoc Anh, CEO of Techcombank, said, “We are thrilled with the positive response from the international investment community. Our decision to allocate a large portion of our offering to the cornerstone tranche is a testament to the tremendous demand from a diverse and high quality set of investors.

“Just as important is that a number of these funds are investing in Vietnam for the first-time. We believe investors are attracted to the strength of Techcombank’s business model along with the broad background and experience of its management team. But most importantly, investors are very bullish on the growth of Vietnam’s middle class as its young population enters the work force. Finally, the country’s low financial inclusion rate makes banking a very attractive proposition.”

According to Anh, this year is shaping up to be one of the more exciting times for the country’s equity market as it parallels the trajectory of Vietnam’s economic development.

“Our management team is very grateful for the incredible support from our existing shareholders, excited to welcome new investors, and appreciative of our advisors, who altogether made this initial public offering a resounding success. We are committed to providing the highest value to our customers, developing our team members, and delivering strong returns for shareholders.”

Morgan Stanley, Viet Capital Securities and Deutsche Bank AG are arranging the offering.