Vinalines banks IPO cash

Restructuring Vietnamese owner Vinalines has successfully listed four subsidiaries as it seeks to repair its finances.

IPOs carried out in Hanoi and Ho Chi Minh City this month have raised VND 251.58bn ($11.92m), the Toan Viet news agency reported

But state-owned Vinalines only managed to sell a total of 18.88m shares from a planned 56.82m.

Hai Phong Port Company raised VND 238.7bn and Quang Ninh Port brought in VND 9.4bn, while Nha Trang Port added VND 3.51bn.

Vinalines Nha Trang banked another VND 17m.

No foreign investors were involved.

Vinalines itself is eyeing its own IPO early in 2015 as it emerges from restructuring after running up huge debts in the financial crisis.