SINGAPORE, April 23 (Reuters) - Vietnam Technological and Commercial Joint Stock Bank is set to price its global equity offering at the top end of an indicative range, raising roughly $922 million and marking the country’s biggest-ever IPO, a source familiar with the matter said.
Techcombank, the largest private sector lender in Vietnam priced 164 million shares or 14.1 percent of its equity capital at 128,000 dong ($5.62) each, compared with a marketed range of 120,000-128,000 dong each, said the source, who did not wish to be identified as pricing terms have not been announced.
Cornerstone investors, such as Singapore sovereign wealth fund GIC, Fidelity Management and Research and local fund Dragon Capital took up 76 percent of Techcombank’s IPO, Reuters reported last week.
Techcombank’s IPO will be bigger than Warburg Pincus-backed Vincom Retail’s equity offering, which raised about $700 million last year.
Equity issues are booming in the Southeast Asian country as it speeds up a privatisation drive. Vietnam stocks were among Asia’s best performers last year with the benchmark index rising about 50 percent. ($1 = 22,771.0000 dong) (Reporting by Anshuman Daga; Editing by Himani Sarkar)