Khai Hoan Land Real Estate JSC has just announced the resolution of its General Meeting of Shareholders, which approved the plan to file for an initial public offering (IPO) on the Ho Chi Minh City Stock Exchange.
|Real estate brokerage Khai Hoan Land is expected to file for an IPO on the Ho Chi Minh City Stock Exchange |
Khai Hoan Land's board and shareholders both agreed to file for an IPO with 20 per cent of its capital, from existing shareholders or the issuance of new shares. In case of a new issuance, the maximum number of shares offered will be 32 million shares. The method of implementation is public auction via HSX.
Khai Hoan Land was established in 2009 by founder Nguyen Khai Hoan with a charter capital of only VND6 billion ($260,870).
The company experienced a sharp increase in charter capital in 2016-2017, from VND50 billion ($2.17 million) to VND3 trillion ($130.43 million).
In 2019, the company reduced its charter capital and then increased its capital again to the current VND1.6 trillion ($69.57 million).
Khai Hoan Land is a major real estate broker in the southern area, where it holds around 30 per cent of the market.
The company is currently a partner of a series of large real estate developers such as Vingroup, Masterise Group, VinaCapital, and Lotte.
In 2020, Khai Hoan Land recorded a net revenue of VND303 billion ($13.17 million) and after-tax profit of nearly VND97 billion ($4.2 million), which are 2.2 and 9.5 times as much as the figures in 2019. A large part of its net revenue comes from real estate brokerage activities.