VietJet offers Vietnam government valuable IPO lesson

One week, two contrasting equity share sales. But will the Vietnamese government heed the lessons it needs to build a vibrant stock market and gain coveted MSCI Emerging Market status?

VietJet broke new ground in the Vietnamese equity capital market markets on Thursday when it priced and allocated its $167 million initial public offering at VND84,600 per share, just below the middle of its indicative VND75,900 to VND98,400 price range.

Final pricing was delayed by two days due to the intricacies surrounding the allocation of P-Notes rather than direct stock, plus a 0.1% move in the FX rate, which impacted orders placed in US dollars.

As a result, final pricing was inched upwards from an indicated level of VND84,400 when the deal was scheduled to price on Tuesday, to VND84,600 on...

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