Spend, spend, spend

19 April 2018 By Alec Macfarlane, Clara Ferreira Marques

Vietnam’s Techcombank and Vinhomes could raise $3 bln through share sales. The lender looks a tad pricey in a frothy market, and doesn’t boast the impressive market lead of the top luxury developer. Still, both can excite investors in Southeast Asia’s fastest-growing economy.

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Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest private sector banks, launched an initial public offering on April 13 to raise up to $920 million.

Singapore state investment fund GIC, Fidelity Management and Research and Dragon Capital are among the cornerstone investors in the lender.

Separately, Vietnam's Vingroup JSC is looking to raise as much as $2 billion from the listing of its residential property business, according to a person familiar with the matter.

Vinhomes shares will be priced on May 7, with trading beginning on May 17, according to a term sheet seen by Reuters Breakingviews.

The local benchmark index is up almost 16 percent so far this year, making it one of Asia’s best performers.

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