VietJet, the low-cost carrier from Vietnam that has courted attention with its bikini-clad attendants, became the first airline in Vietnam to be listed on the Ho Chi Minh Stock Exchange (HoSE) on Tuesday. It will go by the stock code VJC.
The airline debuted at VND90,000 per share (approximately US$3.95) representing a VND27 trillion (US$1.2 billion) market capitalization. This presents a major addition to the HoSE representing 1.5% of the total exchange capitalization. Vietjet has chartered capital of VND3 trillion (approximately US$132million).
The airline will now join the ranks of the ‘VN 30’, Vietnam’s biggest publicly traded companies in terms of market capitalisation.
Vietjet is the first Vietnamese company to have completed an IPO that meets international standards and practices. Reg S. BNP Paribas, Deutsche Bank and JP Morgan are the IPO’s foreign joint global consultants.
A total of 24 international investors has subscribed to Vietjet’s offering including Singapore’s sovereign fund GIC, Wellington Management, Morgan Stanley, Dragon Capital and VinaCaptial to name a few.
“Vietjet shall maintain a continuous and high growth rate and we believe that there will be a brighter future in the air for our passengers, the airline and its investors,” said Vietjet’s President and CEO, Nguyen Thi Phuong Thao.
“Vietjet is leading the way in becoming an airline with high-quality services and efficient management, and as a listed company that meets best standards and practices in Vietnam and internationally. In addition to delivering new values to our passengers, we wish to bring new added value to our investors, and for the Vietnamese and international markets as well,” Nguyen added.
Launched in 2007, VietJet attracted attention when it showcased bikini-clad stewardesses on some of its flights. The carrier was issued a US$1,000 fine by regulators for an “unapproved show” that featured women in string bikinis and the company’s red and gold colours during a domestic flight.
The carrier has since embraced that image and has enlisted 10 of its air hostesses to pose for a promotional ad campaign in similar outfits.