Vinhomes builds solid demand for record-breaking IPO

Faltering secondary markets and high valuations do not appear to be deterring investors as they continue to take advantage of primary market deals to build sizable equity positions in Vietnam.
Sky's the limit for Vinhomes' ambitions
Sky's the limit for Vinhomes' ambitions

Vinhomes launched a record-breaking VND29.5 trillion to VND31.8 trillion $1.29 billion to $1.39 billion initial equity offering on Monday that looks set to cap a remarkable six-month run for Vietnam’s equity markets.

It is perhaps apt that the recent big uptick in primary market deal flow and secondary market momentum should reach its zenith with the country’s largest flotation of all time, surpassing Techcombank, which priced its $922.59 million deal one week ago.

The decision to spin-off Vingroup’s flagship business should also further cement the reputation of Vietnam’s richest man, Pham Nhat Vuong, not to mention his position on the world’s rich lists.

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