The Vietnam Ocean Shipping Agency, a major firm in the country's shipping sector, has raised 166.98 billion dong ($10.5 million) by selling 38.6 percent of its shares at an initial public offering, the country's bourse said.
The Ho Chi Minh City stock market said in a statement issued late on March 31 that the company, known as VOSA, sold 4,491,595 shares out of 4,491,600 shares on offer at an auction on last Friday, at prices of between 36,100 dong and 65,000 dong.
The shares, with a face value of 10,000 dong each, were sold at an average 37,177 dong, or 254 percent higher than the starting bid price of 10,500 dong, the stock exchange's statement said. There were no details of who bought the shares. The company has yet to say when it planned to list.
Ho Chi Minh City-based VOSA is among Vietnam's largest firms in the shipping industry and has a registered capital of 116.5 billion dong ($7.3 million). Its nation-wide network provides port, clearing and forwarding services.
After the auction, VOSA's capitalisation rose to $27.2 million, based on the averaged share price of 37,177 dong.
VOSA's gross profit last year fell 13 percent from 2004 to 23.2 billion dong, state media said. It has projected a net profit of 22 billion dong in 2006.