The bank intends to sell $35m of shares via private placement in Q3.
Bloomberg reports that Vietnam’s Orient Commercial Joint Stock Bank (OCB) is targeting a market cap of $1b after its planned debut on the Ho Chi Minh City Stock Exchange in the second half of the year.
The bank plans to sell $35m (800 billion dong) of shares to investors via private placement in Q3 after issuing 14.2% of dividend shares and 20.5% of shares to existing shareholders. The lender also plans to offer as much as a fourth of its shares to foreign investors before the listing, according to Chairman Trinh Van Tuan.
“We are one of a few high-growth and good private banks in Vietnam that have more than a 25 percent stake available to foreign investors,” he said.
The move makes OCB the fourth Vietnamese bank to seek a public listing on the nation’s major bourse this year, following the earlier flotations of HDBank, Tien Phong Bank and Techcombank.
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