Vietnam Rubber Group gets approval to list 4 billion shares on main exchange

With 4 billion shares, this could be the second largest listing on the exchange after the Joint Stock Commercial Bank for Investment and Development of Vietnam.

Reference price and the first trading day for the stock have not been disclosed.

The group, formerly known as the Southern Rubber Board, raised lower-than-expected $57.7 million from 2018 IPO, much lower than the targeted proceeds of $272 million. This was the most disappointing IPO since early 2018.

The group’s shares officially traded on Unlisted Public Company Market from March 2018 to become the largest enterprise with chartered capital of $1.72 billion and the fourth largest market capitalization, reaching $1.94 billion.

This state-owned corporation has a business rubber area of ​​about 220,733 hectares, an industrial park of more than 1.4 million square meters and an agricultural high-tech area of ​​nearly 3.44 million meters.

As of end-2019, the group reported $1.28 billion revenue and pretax profit of $220 million, meeting 123% and 98% of the yearly plan, respectively.

VRG shares (UPCoM: GVR) ended Friday at VND11,000 ($0.47) per share. It has $3.26 billion worth of total assets.