Shares of Vinpearl JSC—the hospitality arm of Vietnamese billionaire Pham Nhat Vuong’s Vingroup—soared on the first day of trading, giving the company a valuation of 153.3 trillion dong ($5.9 billion) and making it one of the largest publicly traded stocks in Vietnam.
Vinpearl offered 1.79 billion shares at 71,300 dong apiece in its IPO, which was well-received by investors. The stock climbed 20% to 85,500 dong, hitting the upper limit allowed by the market regulator.
Benefiting from the tourism boom in the country, the company’s net profit jumped oiver 280% to 2.6 trillion dong in 2024 as revenue climbed 55% to 14.4 trillion dong, according to a recent investor presentation.
Founded in 2001, the company has grown its portfolio to over 30 hotels and resorts, with more than 16,000 rooms in popular tourist spots like Ha Long, Da Nang, and Ho Chi Minh City.
With a real-time net worth of $9.1 billion, Pham is Vietnam’s richest person. He got his start in 1993 when he established an instant noodle business in Ukraine. He sold the business to Nestle in 2010 and used the money to launch Vingroup. Since then, Vingroup has grown into a major conglomerate with businesses in real estate, retail, healthcare, education, automobiles, and technology.
Read the full article here