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The $115 million combined sale of primary and secondary shares comes after the Hong Kong-listed company announces a tie-up with the Ho Chi Minh City government.

A week after Noble Group issues a convertible bond, shareholder Tiger Rock raises $229 million from the sale of its 9.4% stake in the Singapore-listed commodities company.

The company's chairman sells a 5% stake as part of the well-received offering after the share price rises more than 10 times since the IPO in late-2005.

The $208 million IPO, which consists partly of previously privatised assets, was priced towards the low end of the range.