The leading food processor in Vietnam, state-run Vissan Co., surpassed its own projections raising US$41 million in a widely oversubscribed initial public offering (IPO), reports Deal Street Asia. The company, which supplies pork, beef, chicken, and various processed foods across the country, sold 14% of its total shares at an average price of US$3.60 per share.

 

The offering, which is a move by the Vietnamese government to lighten its state sector, attracted a total of 142 domestic and foreign investors who collectively purchased a total of 63.59 million shares, far exceeding the volume on offer according to Reuters, with foreign investors accounting for 3.3 million shares, or 4% of the company.

 

Vietnam’s compounded annual growth rate (CAGR) for the 2014-2019 period is forecast to be 18.6%, and combined with the country’s favorable demographic and income shifts, the country is seen by many as one of the most attractive markets in Asia.