The average successful bidding price was VND17,474 (US$0.74) per share.
Song Be Golf Resort is one of Protrade's properties.
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With initial offering price of VND12,000 (US$0.52) apiece, the company was expected to raise at least VND360 billion (US$15.7 million) through the IPO. By the deadline of share registration, 274 investors expressed interest in purchasing 90 million shares, 3 times higher than the amount put on offer.
Out of the 274 investors, 262 individuals registered to buy 57.72 million shares, 5 foreign investors looked for 3,200 shares and 7 institutional investors registered for 32 million shares.
Under the equitization plan, Protrade has charter capital of VND3 trillion (US$130 million), equivalent to 300 million shares. After the equitization, the state will reduce its capital holding to 50% of charter capital.
In addition to the IPO, Potrade will offer 119.7 million shares, equivalent to 39.91% charter capital to strategic investors.
Currently, 3 companies registered to be the strategic investors of Protrade, include Sam Holdings for 13%, U&I Investment fo 6% and Development Company for 20.91%, according to Potrade's announcement.
Established in 1982, Protrade operates in the garment and textile, agriculture, wood processing, paper manufacturing, golf services, and real estate sectors.
It currently owns numerous subsidiaries and member companies, including Song Be Golf Resort, Hamornie Golf Park, Hanh Phuc International Hospital, Truong Thanh Furniture Corporation, and FrieslandCampina Vietnam (the joint venture manufacturing the Dutch Lady milk brand in Vietnam), among others.
In 2017, Protrade reported a net revenue of VND2.2 trillion (US$96.63 million) with an after-tax profit of VND115 billion (US$5.05 million), up 21.8 in net revenue and a 5.4-fold increase in after-tax profit on-year, stated the company's financial statement.
