Vinacomin Power debuts on UPCoM

The shares, under code DTK, will start the first trading day at VND14,000 (US$0.62) per share.

At this price, the company’s market capitalisation will reach VND9.52 trillion, making it among the highest-valued stocks on the UPCoM.

The power company made its initial public offering (IPO) last year, with 236.4 million shares put up for sale, a record in terms of volume of shares put up for auction at that time. However, only 1.2 million shares, equivalent to less than 1%, were sold.

Vinacomin Power Holding Corporation will debut 680 million shares on the UPCoM on December 15. (Photo: www.ndh.vn)

Vinacomin, currently, still holds over 99% of the company’s charter capital.

The power company, established in 2009, engages in development, construction and management of thermal and hydro power plants. It is a major electricity producer in the local power market and is implementing 14 power projects with a total capacity of 5,880MW.

It has five subordinate companies, two subsidiary firms and four associate companies with holdings of less than 50 percent of capital.

Ending September 2016, Vinacomin Power reported a loss of VND228 billion, lifting its cumulative losses to VND1.14 trillion.

Its equity capital was nearly VND5.8 trillion and total asset value reached VND26.4 trillion.

The UPCoM, which went live on June 2010, is the market for unlisted or delisted public companies under the management of the Hanoi Stock Exchange. There are currently 387 stocks here with daily trading volume of some five million shares worth over VND100 billion.