The realty developer announced it has a charter capital of VND26.79 trillion (US$1.17 billion), according to HoSE. Vingroup currently owns 69.67% of Vinhomes' charter capital.
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Formerly known as Hanoi Southern City Development, Vinhomes has cancelled its registration on the Unlisted Public Market Company (UPCoM) in mid 2017, due to the fact that the company was no longer a public company. In early 2018, Hanoi Southern City Development increased its equity from VND2 trillion (US$87.6 million) to VND28.3 trillion (US$1.2 billion) and renamed to Vinhomes.
The increase in equity was facilitated through the merging of VIC's two subsidiaries, namely Tan Lien Phat Construction Investment and Vinhomes Management. Tan Lien Phat Construction Investment was the project owner of Vinhomes Central Park in Ho Chi Minh and some other projects.
Vingoup in February said that it is planning a spinoff of its luxury residential arm that could raise as much as US$1 billion, which will mark a strong run of IPOs in the country.
Vietnam's biggest property developer recently has picked four foreign banks for the planned initial public offering of Vinhomes including Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley.
The IPO of Vinhomes would follow last year's listing of Warburg Pincus-backed Vincom Retail, Vietnam's biggest shopping mall operator and also a unit of Vingroup, which raised roughly US$700 million.
The deal has been honored by the Finance Asia magazine as "the Best Private Equity Deal" in 2017. This is also the first ever equity deal of a Vietnamese enterprise being honored in this category, which has contributed to heightened status of Vietnam in the global equity market.
