Vinhomes Is Said Poised to Price $1.35 Billion Share Sale at Top

(Bloomberg) -- Vinhomes JSC, the luxury residential arm of Vietnam’s biggest developer, is poised to price its $1.35 billion initial equity offering at the top end of a marketed range, people with knowledge of the matter said.

Existing Vinhomes investors plan to sell shares at 114,700 dong apiece in the offering, the people said, asking not to be identified because the information is private. The shares were marketed at 110,500 dong to 114,700 dong each, according to terms obtained earlier by Bloomberg.

Vinhomes’s offering is set to become the largest-ever share sale in the Southeast Asian nation, surpassing the $922 million deal from Techcombank last month, according to data compiled by Bloomberg. The volume of first-time share sales in Vietnam this year is on track to hit an all-time record high, the data show.

A representative for Vinhomes’s parent company, Vingroup JSC, said she couldn’t immediately comment.

Citigroup Inc., Credit Suisse Group AG, Deutsche Bank AG and Morgan Stanley are leading the deal. HSBC Holdings Plc, Maybank Kim Eng Holdings Ltd. and Saigon Securities Inc. are also helping arrange the sale.

©2018 Bloomberg L.P.