Vietnamese meat and poultry processor Vissan Co. has raised VND906.84bn (US$41m) in an initial public offering for 14% of the company’s shares.

In a stock exchange filing, Vissan was revealed 11,328,002 shares put up for auction were sold at a starting price of VND17,000. The average price per share sold was VND80,053.

Foreign investors bid for 3.3m of the shares. The company had initially estimated to raise VND192bn through the offering.

In a prospectus filed leading up to the IPO, Vissan said it planned to invest in infrastructure, enhance production capability and synchronise manufacturing facilities with the money raised. On production, Vissan’s plans include investing in additional processing equipment and investing in developing new products. It added it also planned to develop distribution channels.

Vissan is a subsidiary of the state-owned Sai Gon Trading or Satra, a processor of processed food and meat products. As well as domestic sales, Vissan exports products to Russia, the US, Australia and Taiwan.

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By GlobalData