Techcombank Is Said Poised to Price $922 Million IPO at Top End

(Bloomberg) -- Techcombank, the Vietnamese lender backed by Warburg Pincus, and some existing investors are poised to raise about 21 trillion dong ($922 million) in a domestic initial public offering, people with knowledge of the matter said.

The bank is planning to price the sale of 164.1 million shares at 128,000 dong each, the top end of a marketed range, said the people, who asked not to be identified because the details are private. It previously offered the shares at 120,000 dong to 128,000 dong apiece, according to terms for the deal obtained by Bloomberg earlier.

A $922 million deal would be Vietnam's biggest initial equity offering ever, surpassing mall operator Vincom Retail JSC's sale in October, data compiled by Bloomberg show. Luxury property developer Vinhomes JSC, which started gauging demand for its offering last week, could raise as much as $2 billion, exceeding Techcombank, Bloomberg News reported last week.

Singapore sovereign fund GIC Pte and Fidelity Investments agreed to participate in the Techcombank IPO as cornerstone investors, the deal terms showed earlier. Dragon Capital, Vietnam's biggest fund manager by assets, and Capital Group Cos. also agreed to buy stock in the offering.

Techcombank, formally known as Vietnam Technological & Commercial Joint Stock Bank, aims for its shares to begin trading June 4, the terms show. An external representative for Techcombank said she couldn't immediately comment.

Morgan Stanley, Viet Capital Securities JSC and Deutsche Bank AG are arranging the offering.

--With assistance from Nguyen Dieu Tu Uyen

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net.

To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Timothy Sifert

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