One of Vietnam’s largest apparel exporters and government owned - Vietnam National Textile and Garment Group (Vinatex) raised around VND1.22 trillion or US$ 58.10 million through an initial public offering (IPO).

Vinatex sold more than 110.5 million shares to 87 investors at an average price of 11,000 VND or $0.49 per share, half of whom were foreign investors.

Vietnamese investors include three institutions and 54 individuals, while foreign investors include 12 institutions and 18 individuals.

Earlier in May 2014, the Prime Minister of Vietnam approved the privatization plan of Vinatex, under a government-approved privatisation scheme.

Under the scheme, a company with an authorised capital of VND5 trillion or $238.10 million, may sell 24 percent of its equity to strategic investors.

The plan allows the State to hold 51 percent capital and company staff to buy 3 million shares, or 0.6 percent of the authorised capital.

Vinatex which has around 120 subsidiaries has targeted an export turnover of $3.6 billion by 2015 and $5 billion by 2020. (AR)