Vincom Retail sets a record and a template

When is an IPO not an IPO? When a deal is done the Vietnamese way.

Vincom Retail entered the record books on Thursday following the completion of an equity deal that will rank as the country's largest ever initial public offering, although the country's tortuous capital market rules mean that it technically cannot be described as such. 

The country is well known for having its own way of doing things. In the case of the IPO market, Vietnam's back-to-front rules mean that companies typically file for regulatory approval only when they have completed their capital raising a process that can take months. 

In this instance, the company, its syndicate and private equity owners crafted an ingenious and novel put-through structure...

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