Vietjet to IPO next month

Vietjet Air will conduct an IPO worth $200 million next month, according to Reuters.


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It has begun meeting with investors ahead of the planned $200 million offering and will announce a date for the IPO on November 30 and begin accepting registrations for the purchase of shares from December 1 to 12.

Vietjet neither confirmed the date nor provided further details on the IPO, telling VET that it will happily share the information after its official plan is announced.

The budget carrier previously announced it will probably conduct an IPO and list sometime this year and would then consider listing overseas, depending on market conditions and trends.

It has completed the necessary documents for an overseas listing, becoming the first Vietnamese company to do so. The documents will be made available to potential investors.

“The fact that we are first listing on Vietnam’s stock market abides by Vietnam’s securities laws and regulations,” Ms. Nguyen Thi Phuong Thao, CEO of Vietjet Air, told VET in September.

On September 6 it signed a $2.39 billion order with Airbus for 20 more A321 aircraft. The deal was signed in Hanoi in the presence of French President Francois Hollande, who was visiting at the time.

Last year the airline carried 9.3 million passengers and has placed orders this year for 100 Boeing 737 and 20 Airbus A321 aircraft. It posted year-on-year growth of 205 per cent in 2015, with revenue of VND10.9 trillion ($490.7 million), fulfilling its annual target. 

The budget carrier targets transporting 15 million passengers this year with an on time performance (OTP) rate of 85 per cent and growth of 60 per cent year-on-year. Its revenue is expected to double compared to the VND11 trillion ($484 million) recorded last year. 

The airline will continue to expand its domestic network and strengthen its international operations while improving service quality, especially its SkyBoss and in-flight services. It also aims to achieve a passenger satisfaction rate of 99 per cent and a return-customer rate of 95 per cent.

Vietjet Air currently boasts a fleet of 40 aircraft, including A320s and A321s, and operates 350 flights each day. It has opened 53 routes in Vietnam and across the region to international destinations such as Thailand, Singapore, South Korea, Taiwan, Malaysia, China and Myanmar and has carried nearly 30 million passengers to date.

Looking ahead, Vietjet plans to expand its network across the Asia-Pacific region and has signed agreements to purchase more brand-new modern aircraft.

VN Economic Times

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