HCM CITY — Truong Thanh Furniture Corporation, which ranks among the top five businesses of its kind in the country, announced it will go public with an initial offering scheduled for October 1 at the HCM City Stock Exchange.

TTFC will auction 2.8 million shares at a starting price of VND75,000. The price on the over the counter (OTC) market was slightly higher, said Vo Huu Tuan, director of the HCM City branch of Bao Viet Securities Company that provides consultancy to Truong Thanh, last Wednesday.


Sales from the issuance will be used for increasing the company’s chartered capital to VND150 billion from the current VND100 billion and raising working capital.

After the IPO finishes, the company will apply to be listed with the HCM City Stock Exchange, said Chairman and General Director Vo Truong Thanh. He expects his company to get on board prior to the year’s end.

Thanh also has aspirations to list with a stock market overseas, especially with support from foreign strategic partners Aureos South East Asia Managers Ltd, VinaCapital’s Viet Nam Opportunity Fund and Deutsche Asset Management.

Truong Thanh expects net profits to reach VND65 billion in 2014 and VND100 billion in 2015. — VNS