Vietnam brewer Habeco to raise $108 mln in IPO
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HANOI, Feb 18 (Reuters) - Habeco, Vietnam's second-largest brewer, plans to raise at least $108 million from selling 15 percent of its shares in an upcoming initial public offering, the stock exchange said.
Habeco, or the Hanoi Beer Alcohol Beverage Corp, would seek to sell 34.77 million shares at a starting price of 50,000 dong ($3.11) each, the Hanoi Securities Trading Centre .HASTCI said in a statement.
The exchange did not give a date of the share auction or say what Habeco would use the proceeds for. Habeco has said it would hold the IPO by February.
Based on the starting price, Habeco would be valued at $720 million.
Last year, Vietnamese authorities approved plans by Habeco and Carlsberg (CARLb.CO) to form a strategic partnership under which Carlsberg has been reserved for a 10 percent stake in Habeco, the Danish firm has said.
Habeco has yet to announce when it planned a domestic listing. Initial public offerings and stock market trading debuts are separate affairs in Vietnam.
Habeco, which brews Hanoi Beer, a brand popular in northern Vietnam, expects its gross profit to soar nearly nine-fold to 544.7 billion dong this year and revenues to rise 24.5 percent to 4.16 trillion dong, a company report said.
Habeco ranks second after Saigon Beer Alcohol Beverage Corp or Sabeco, which dominates the domestic market in Vietnam's southern region.
Last month, Sabeco raised $341 million in its initial public offering, or only 61 percent of its target to sell 20 percent of the company. Brokers said slow market performance in Vietnam that mirrored declines in regional indexes affected Sabeco's IPO.
On Monday, the Ho Chi Minh Stock Exchange .VNI lost 4.1 percent to close at 782.57 points and the Hanoi market dropped 4.39 percent to end at 269,70 points, partly after the central bank forced banks to buy a debt paper to be issued in March.
The central bank said the withdrawal of 20.3 trillion dong worth of Treasury notes from banks was aimed at controlling inflation while bankers said the ruling will cut their dong funds. ($1=16,077 dong) (Reporting by Ho Binh Minh; Editing by Ben Tan)
