Hung Thinh Land officially filed for IPO
Vietnam real estate developer Hung Thinh Land, which raised $103 million in a recent funding round, has filed for an initial public offering (IPO) on the Stock Exchange. Ho Chi Minh City Stock Exchange (HOSE), the company said in an announcement on Friday.
Hung Thinh Land said it had filed an IPO file with the State Securities Commission on July 19, while it is expected to list in 2023.
In Vietnam, the public listing takes place within a year. from the date of the IPO. Bloomberg reported on Friday that the Ho Chi Minh City-based company planned to offer a 10% stake, hoping to raise at least $200 million in an IPO, corresponding to a capital market capitalization is 50 trillion VND ($2.1 billion).
Last month, Hung Thinh Land announced a $103 million investment from local asset managers Dragon Capital and VinaCapital.
VinaCapital said its Vietnam Opportunity Fund invested $25 million in Hung Thinh Land in May. The company added that, after listing, Hung Thinh Land “is expected to become a real estate developer. third largest property on HOSE”, after Vingroup’s subsidiaries, Vinhomes and Novaland.
Vinhomes and Novaland currently have a market capitalization of about 10.9 billion USD and 6.2 billion USD respectively.
Established in 2002, Hung Thinh Land has developed 59 residential and hotel projects serving different market segments, mainly in the South of Vietnam. Earlier this year, the company started developing affordable housing.
Total assets of Hung Thinh Land by the end of 2021 reached VND 51.4 trillion, up 2.5 times over the same period. Revenue in 2021 tripled to nearly VND5,000 billion, while profit reached VND1.7 trillion, a fourfold increase and net profit margin of more than 34%.
