BackStories » Vietnam » IPO Makes VietJet First Airline to List on HCMC Stock Exchange

IPO Makes VietJet First Airline to List on HCMC Stock Exchange

After its initial public offering (IPO) on the Ho Chi Minh City Stock Exchange, low-cost airline VietJet has joined a handful of local companies that are worth over US$1 billion.

According to Financial Times, since the IPO on Tuesday, February 28, VietJet’s shares have jumped by one-fifth on the local stock exchange, climbing from their initial listing price of VND90,000 to VND108,000 (US$4.74). It’s also worth noting that the company’s IPO was Vietnam’s biggest-ever, as the listing was valued at US$1.43 billion by the end of the day.

The news source also added that VietJet’s was the third-largest listing for a local company, after those in London by Indochina Capital Group and JSM Indochina in 2007.

The low-cost airline was founded by Nguyen Thi Phuong Thao, a property and banking tycoon. According to Zing, she currently owns 32.66% of the company’s shares, making her the richest woman on Vietnam’s stock market.

Zing also reported that VietJet’s stock (VJC) price is three times higher than that of Vietnam Airlines (HVN). However the amount of VJC stock currently on the market is only a quarter of HVN's, while Vietnam Airlines’ current value is 42% higher than VietJet’s.

VietJet is arguably Vietnam’s fastest-growing and most controversial airline. Three years ago, a set of leaked images from a promotional photo shoot made international headlines for its raciness: all of the models on set wore bikinis in VietJet’s color scheme.

During former United States president Barack Obama’s visit to Vietnam last year, the company also managed to ink a US$11.3 billion contract for 100 Boeing 737 aircraft as part of an ambitious plan for regional expansion.

[Photo via Bao Cong Thuong]

Related Articles:

Leaked Photos From Racy VietJet Photo Shoot Cause Online Firestorm

VietJet to Buy 100 Boeing Aircraft for $11.3bn

VietJet Will Fly to Hong Kong in December

Related Articles

in Vietnam

$14 Million Approved For Restoration Of Hanoi’s 112-Year-Old Long Biên Bridge

The fate of one of Vietnam’s most beloved and storied structures took another positive turn last week when the government approved a $14 million restoration package for Long Biên Bridge.

in Vietnam

'Amazing Race Vietnam' Apologizes for Challenge Harming Coral Reef

An underwater challenge during this year’s installment of The Amazing Race Vietnam is not sitting well with environmentalists.

in Vietnam

'Engaging With Vietnam' Conference Ruminates on Heritage in Huế

“Living with Heritage, (Re)Creating Heritage: Vietnam and the World” is the title of the 14th Engaging with Vietnam conference, a series of activities including academic panel discussions, keynote tal...

in Vietnam

10 Killed, Over 30 Missing in Central and Northern Vietnam as Storm Son-Tinh Brings Flash Floods

Heavy rains from storm Son-Tinh, which eventually weakened to a tropical depression, have caused flash floods and fatalities in central Vietnam.

in Vietnam

104-Year-Old Great-Great Grandmother Fights Off Robber

Taking advantage of the elderly will inevitably result in some bad karma, a lesson a Dong Nai man quickly learned after attempting to rob Vo Thi Bai, a 104-year-old woman.

in Vietnam

116-Year-Old Recognized As Vietnam's Oldest Man

The Vietnam Record Organization (VRO) has recognized 116-tear-old Y'N Dong of Đắk Nông Province as the country’s oldest man, reports Vietnam Net.

Partner Content