Recent downward pressure on Vietnam’s red-hot stock market will not impact Techcombank’s record-breaking initial public offering as the order book is set to close multiple times oversubscribed say bankers and investors.
The VND19.69 trillion to VND21 trillion $862.5 million to $920 million offering is scheduled to price on Monday and will almost certainly be fixed at the top of its VND120,000 to VND128,000 indicative price range. The $230 million non-cornerstone tranche alone has garnered $3 billion in orders from institutional investors that want to pay Vietnam’s strong macroeconomic fundamentals and potential move to MSCI emerging market status.
That tranche will account for about...
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