Vietnam's leading developer Becamex IDC targets $825 mln from 'historic' share offering
Becamex IDC Corp, a leading eco-industrial and urban real estate developer in Vietnam, plans to raise nearly VND20.88 trillion ($825 million) from a public offering of 300 million shares on the Ho Chi Minh Stock Exchange (HoSE), equivalent to its current equity.

An industrial park developed by Becamex IDC. Photo courtesy of the company.
The corporation has approved the starting price of VND69,593 ($2.75) for the public auction of its BCM shares on the HoSE, aiming for VND20.88 trillion, nearly 40% higher than the initial expected value.
This offering is considered the largest since the state-owned capital divestment boom from 2016 to 2018.
The offering price is almost five times the book value of the stock at the consolidated financial statement for Q4/2024 and the average of the last 30 trading sessions prior to February 6, 2025 on the HoSE.
At the end of 2024, the company’s charter capital was VND10.35 trillion ($408.93 million), and equity was VND20.48 trillion ($809.2 million). If the capital raising is successful, its charter capital will increase to VND13.35 trillion, and equity will double to over VND41 trillion.
Becamex IDC, a giant in the industrial real estate sector in the southern province of Binh Duong, seeks to raise funds to invest in projects such as the Cay Truong Industrial Park and the expanded Bau Bang Industrial Park, as well as to contribute capital to existing companies, including Vietnam-Singapore Industrial Park J.V. Co. Ltd. (VSIP), Becamex Binh Phuoc Infrastructure Development JSC, Becamex VSIP Power Investment and Development JSC (BVP), Vietnam-Singapore Smart Energy Solutions JSC (VSSES), and Becamex Binh Dinh JSC. It also plans to restructure its finances.
Currently, the largest shareholder of the company is the People's Committee of Binh Duong province, with a 95.44% stake. If the auction is successful, the state's ownership will drop to 74%.
In the stock market, BCM moved counter to the VN-Index, steadily declining from VND87,000 ($3.44) per share at the end of 2022 to VND51,000 per share in April 2024. However, while the VN-Index stagnated, the ticker rebounded and closed at VND70,000 per share on Friday, up 37.2%.
The stock's growth momentum slowed in the last quarter of the previous year due to a decline in business results. Specifically, in Q4/2024, Becamex IDC reported a sharp 60% decrease in revenue to VND2 trillion ($79 million).
Despite joint venture activities doubling profits to VND1.19 trillion, its after-tax profit still decreased by 33% to VND1.37 trillion ($54.13 million). For the whole year, its net revenue fell by 35% to VND5.2 trillion, and net profit dropped 12.5% to VND2.1 trillion.
Expansion ambition from 2024 to 2028
The corporation mainly operates in the fields of industrial park infrastructure investment, urban development, services, and trade. It is the developer of six industrial parks in Binh Duong province, covering a total land area of 2,931 hectares with an occupancy rate of 88%. The firm is also finalizing legal procedures to put the 700-hectare Cay Truong Industrial Park into operation in 2025.
In addition, Becamex IDC has expanded its reach to other localities outside Binh Duong, such as Binh Phuoc, Tay Ninh, Khanh Hoa, Quang Ngai, Thua Thien-Hue, Thanh Hoa, Nam Dinh, Ninh Binh and Hai Duong provinces, and Hai Phong city. The firm has also received in-principle approvals for four more industrial parks in Lang Son, Thai Binh, Binh Thuan, and Ha Tinh provinces.
Besides industrial parks, Becamex IDC has also developed urban and service areas such as the My Phuoc Residential Area, Thoi Hoa Residential Area, and Bau Bang Residential Area. The corporation plans to allocate resources for high-impact commercial projects like the WTC Exhibition Center, WTC Tower, and WTC Gateway cultural-central station complex in New Binh Duong town.
Moreover, the company, together with Singapore’s Sembcorp Industries, has developed the Vietnam-Singapore Industrial Park (VSIP) model, featuring an innovation center in an industrial-urban-service complex including a business incubator, advanced manufacturing center, and renewable energy research center.
These strategies will be implemented from 2024 to 2028, with a vision towards 2030. To achieve these goals, the company plans to increase its charter capital if necessary, borrow from credit institutions, and issue bonds.
Becamex IDC currently has total liabilities of VND38.3 trillion ($1.51 billion), with short-term debt of VND7.9 trillion and long-term debt of VND15.72 trillion. Its debt-to-equity ratio is 1.1 times.
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