HCMC – Nova Consumer, a subsidiary of NovaGroup, has announced its initial public offering (IPO) plan with 10.9 million shares at a minimum price of nearly VND43,500 each.
The firm expected to mobilize nearly VND474 billion from the IPO.
Investors will register to buy at least 1,000 shares and a maximum of 5.444 million shares. They can register to buy and make deposits from February 7 to 28.
Nova Consumer has been appraised at over VND4.7 trillion before the IPO. The value is expected to increase to VND5.2 trillion after the IPO.
The firm will use VND430 billion out of the money earned from the IPO to acquire Consumer Investment JSC’s stake at Sunrise Foods Co., Ltd, VND35 billion to make a contribution to Sunrise Foods Co., Ltd and the remainder to hike its working capital.
In related news, the plunge in real estate stocks caused a domino effect on other stock groups, resulting in a sharp fall of the VN-Index of the Hochiminh Stock Exchange today, January 17. The index lost a staggering 43.18 points, or 2.89%, at 1,452.84 points.
There were 446 falling stocks, with 128 of them hitting their daily ceiling prices, and only 49 rising.
There were 987.1 million shares worth over VND31.2 trillion changing hands on the southern bourse, up 25.81% in value and 36.93% in value from the earlier session.
In the VN30 basket, up to 29 stocks fell, including five closing at their floor prices.
On the northern bourse, the HNX-Index lost 21.52 points, or 4.61%, at 445.34 points with losing stocks outnumbering winning ones by 204 to 50.
Over 130.5 million shares worth VND3.8 trillion were transacted on the bourse.