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Latham & Watkins has advised Vincom Retail, Vietnam’s largest shopping mall operator, on its $740 million initial equity offering (IEO) on the Ho Chi Minh City Stock Exchange.

The offering is said to make Vincom Retail, which is backed by Warburg Pincus, one of the top 10 listed companies on the stock exchange, following the company’s domestic listing on Nov. 6 which raised nearly $709 million and valued the mall operator at $3.4 billion.

Vietnam’s economic growth rate of nearly 7 percent, and a young and increasingly affluent population in the country of 90 million have made it a magnet for foreign money, but with limited opportunities for portfolio investors, Reuters reported. In Vietnam, a stock exchange listing and IPO are separate steps and a listing may come months after an IPO.

The Latham & Watkins team was led by Hong Kong partner Amy Beckingham and Singapore partner Sharon Lau.

 

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