Vinatex IPO falls short - sportstextiles: Lea SportsTextiles

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Vinatex IPO falls short

22/09/2014
After delays of two months, Vietnamese state-owned textiles-maker Vinatex has sold about a fifth of its stock, worth $58 million, but has been criticised for not selling all shares on offer.

Its shortcomings have been described by investors as low profitability, a deep reliance on imported materials and the length of time it takes to garner a return on its investments.

Vietnam’s largest textiles maker said while garments would remain its core business, it plans to diversify.

It plans to float on the stock market in three years, but could bring that forward if there is early agreement on the Transpacific Partnership trade deal.

Related stories:

Leap for Vietnamese apparel exports 10/10/2014
State-owned Vinatex to sell equity to fund restructuring 03/07/2014
Vietnamese bank to lend $600m to Vinatex 04/04/2014
Vinatex confirms flotation plans 12/03/2014
Vietnam adds value to apparel and achieves export growth 07/03/2014
New Vinatex complex to provide nearly 5,000 textile jobs 13/11/2013

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