Industry Newsroom

Warburg Pincus-backed Techcombank to Raise US$922 Million in IPO (Asia)

Vietnam-based private sector lender Techcombank, which is backed by global private equity fund manager Warburg Pincus, will reportedly raise US$922 million in its initial public offering on the Ho Chi Minh City Stock Exchange. The bank has agreed to sell 164 million shares, representing 14.1 percent of its total equity capital, at VND128,000 (approximately US$5.62) per share in the offering and will officially list on 4 June. Singaporean sovereign wealth fund GIC, investment manager Fidelity Management & Research Company and Vietnam-focused asset manager Dragon Capital have agreed to purchase 76 percent of the shares on offer. Techcombank raised US$370 million in a pre-IPO funding round from Warburg Pincus in March.