VietInbank Securities shares rise on debut on Hanoi bourse

VNStockNews.com - Vietnam Bank for Industry & Trade Securities Co., the brokerage unit of the nation’s fourth-biggest bank by assets, rose on its trading debut on the Hanoi Stock Exchange Friday.

The stock closed at VND31,600, valuing the company at VND2.5 trillion (US$$140 million), according to data compiled by Bloomberg.

The brokerage traded at VND28,500 in the so-called over-the-counter market on Wednesday, according to FPT Securities Inc. There are no initial prices or any daily fluctuation limit for first-day stocks on the Hanoi exchange.

“The company listed at a relatively favorable time,” said Phung Trung Kien, head of research at APEC Securities. VietinBank Securities also has the “advantage” of being backed by a major bank, he said.

Hanoi-based VietinBank Securities raised VND200.6 billion selling about 19.19 million shares at an average price of VND10,455 each in an initial public offering on April 22.