PV Power set for August IPO

Sunday, 2017-04-16 15:30:12
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PetroVietnam Power Corporation has decided to make its initial public offering this August. (Credit: cafef.vn)
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NDO/VNA – PetroVietnam Power Corporation (PV Power) has decided to make its initial public offering (IPO) this August, the electricity producer announced.

The amount of shares offered for the public sale accounts for just 3-4% of its capital.

It also plans to sell a 45% stake to long-term strategic investors this year and can up the stake to 60%, depending on the approval of the Government.

The sale of 49% stake could fetch about US$600 million for the power producer.

PV Power has met some strategic investors such as VinaCapital Investment Management Ltd., BNP Paribas, Standard Chartered, Deloitte, Indochina Capital Corporation and Dragon Capital.

PV Power is a member company of the Vietnam Oil and Gas Group (PetroVietnam) and is currently the second largest power supplier in Vietnam, behind Electricity of Vietnam (EVN).

The corporation has targeted revenue of VND29 trillion (US$1.29 billion) in 2017, a year-on-year increase of 9.3%.