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CORRECTED-UPDATE 1-Vietnam's Vincom Retail debuts slightly below IPO pricing
November 6, 2017 / 5:07 AM / a month ago

CORRECTED-UPDATE 1-Vietnam's Vincom Retail debuts slightly below IPO pricing

(Removes reference to incorrect listing venue in first paragraph)

HANOI, Nov 6 (Reuters) - Vietnam’s largest shopping mall operator Vincom Retail traded slightly below its initial public offering (IPO) pricing in its debut on the main stock exchange on Monday, following the country’s biggest IPO.

The stock opened at 40,550 dong ($1.79 each) on the Ho Chi Minh Stock Exchange, just below its IPO price of 40,600 dong a share, which was at the top end of the range.

The exchange allows stocks to trade within a 20 percent band of their listing price on their first day of trading, and up to 7 percent thereafter.

Vincom Retail raised nearly $709 million in an IPO that attracted global funds and valued the mall operator at about $3.4 billion.

Warburg Pincus-owned fund WP Investments III, Credit Suisse and other individual shareholders sold shares in the IPO. Vingroup, a major shareholder in Vincom Retail, did not sell any shares.

In Vietnam, a stock exchange listing and initial public offering are separate steps and a listing may come months after an IPO.

$1 = 22,700 dong Reporting by Mi Nguyen; Editing by Sam Holmes

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