Vinhomes launches Vietnam's biggest equity issue

Vinhomes JSC, the residential property developer of conglomerate Vingroup JSC, launched an equity issue of up to $1.4 billion, making it the country's biggest-ever IPO in a market, drawing strong interest from global and local funds. The issue eclipsed an equity offering from Vietnam Technological and Commercial Joint Stock Bank, which was priced at the top-end of an indicative range and raised roughly $922 million last week.
Shares of Vinhomes are being marketed in a range of 110,500 Vietnamese dong to 114,700 Vietnamese dong per share ($4.85-$5), implying a market value of $13 billion to $13.5 billion for the company, which is betting on an increase in home sales in one of Southeast Asia's fastest growing economies, the term sheet showed.