Hoa Phat Agriculture valued at over $450 mln ahead of IPO, ranking 2nd in Vietnam's livestock industry
Hoa Phat Agriculture Development JSC (HPA) has been valued at more than $450 million based on its newly announced IPO price, making it the second-largest company in Vietnam’s livestock industry after Masan MeatLife.
Chicken raised by Hoa Phat Agriculture Development JSC. Photo courtesy of the company.
The State Securities Commission on Wednesday approved HPA’s initial public offering. The company plans to sell 30 million shares at VND41,900 ($1.59) each, aiming to raise VND1.26 trillion ($47.66 million).
Investors may subscribe from November 24 to 4 p.m. on December 15 through lead distributor Vietcap Securities. HPA shares will be listed on the Ho Chi Minh Stock Exchange after the offering.
At the IPO price, the agriculture arm of steel producer Hoa Phat Group (HPG) is valued at around VND11.94 trillion ($452.7 million), surpassing peers such as Dabaco, Vissan, BAF and HAGL Agrico and ranking second after Masan Meatlife under Masan Group.
HPA said proceeds from the IPO will be used to restructure debt, supplement working capital, and fund expansion of its livestock farms and feed mills.
Founded in 2016, HPA has charter capital of VND2.55 trillion ($96.67 million) and operates across animal feed production and pig, cattle and poultry farming.
Its main products include HP Feed and BigBoss-branded feed, breeding and commercial pigs, Australian beef cattle, and clean eggs. The company runs a closed value chain from feed production to farms, based at the Pho Noi A Industrial Park in Hung Yen province.
HPA ranks among the 10 largest pig producers in Vietnam, the 13 biggest feed makers, and is a leading supplier of clean eggs and live Australian cattle in northern Vietnam.
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