Major shareholder silent, Becamex fails in stock offering plan

(Dan Tri) - From the "flop" IPO in the 2017-2018 period, Becamex recently continued to disappoint in its "huge" public offering of 150 million shares through auction.

Becamex IDC Corporation (stock code BCM) has just announced the results of consulting shareholders on the plan to offer additional shares to the public to increase charter capital.

Becamex again missed the plan to mobilize 7,500 billion VND

According to the vote counting minutes, Becamex received 136 votes, representing more than 1 billion shares, accounting for 98.29% of the Company's charter capital. However, only 128 votes, equivalent to nearly 29.5 million shares (2.85%), approved the plan.

On the contrary, 6 votes representing more than 987.8 million shares, accounting for 95.44% of the voting shares, did not express an opinion. This is the controlling capital of the People's Committee of Binh Duong province - now under the management of the People's Committee of Ho Chi Minh City after the merger - causing the issuance plan to fail.

This result means that the Company’s plan to offer additional shares to the public is not approved. This is the second “missed appointment” for the massive offering plan of this industrial park real estate giant.

Earlier this year, Becamex attracted attention with its plan to offer 150 million shares to the public via auction on the Ho Chi Minh City Stock Exchange (HoSE), with a minimum starting price of VND50,000/share.

If successful, the enterprise can mobilize at least 7,500 billion VND, of which 2,000 billion VND will be invested in infrastructure of Cay Truong Industrial Park, 500 billion VND will be poured into Bau Bang Industrial Park expansion, 3,330 billion VND will be contributed to existing companies (2,276 billion VND in VSIP joint venture alone) and 1,670 billion VND will be used to pay off loans and maturing bonds.

BCM stock trading on the stock exchange (Photo: VNDStock).

But the surprise came on April 3 when the news that the US might impose a 46% tax on Vietnam dealt a heavy blow to market sentiment. Along with the general decline of the whole market, BCM shares plunged more than 20%, making the auction impossible, and the company's Board of Directors had to pass a resolution to postpone it on April 11.

Not giving up, Becamex then continued to propose Plan B on a smaller scale, seeking written shareholders' opinions on offering 150 million shares at a starting price of no less than VND50,000/share. The new target is to mobilize at least VND7,500 billion to continue investing in projects.

However, according to the results announced on September 17, this plan once again failed when the approval rate of shareholders was only 2.85%.

Remembering the sadness of the 2017 IPO "flop"

As a “big guy” in the industrial park real estate sector, Becamex was once considered a “blockbuster” IPO at the end of 2017. According to the plan approved by the Prime Minister , Becamex announced the public offering of more than 311 million shares with a starting price of VND31,000/share, accounting for 23.63% of charter capital.

At that time, Becamex's IPO was known to be the largest of the year in terms of value (if successful, it would earn nearly 10,000 billion VND) and in terms of scale, only after Vietcombank 's IPO in December 2007.

However, this plan failed miserably when the company only sold 19 million shares, equivalent to 6.1% of the total of more than 311.2 million shares put up for auction.

In early 2018, the Company's new efforts were not any better, selling only 5.1 million additional shares.

In total, after two rounds, Becamex IDC sold 24 million shares (7.7%), earning only VND745 billion. Analysts at the time attributed the high starting price, limited information disclosure, and a highly leveraged financial structure, creating a challenging precedent.

Profit of thousands of billions per year, outstanding debt of more than 1 billion USD

In terms of business, since being listed, the company's profits have increased sharply from several hundred billion VND to thousands of billion VND per year. In the first half of 2025, Becamex achieved a net profit of 1,825 billion VND, nearly 5 times higher than the same period last year.

As of June 30, the Company had total assets of more than 2 billion USD, mainly allocated to receivables and inventories. Cash and cash equivalents were quite modest, only about 2,833 billion VND.

The Company has outstanding debt of more than 35,878 billion VND, of which loan debt accounts for 22,360 billion VND. The Company's equity is at 21,413 billion VND, the Company has "savings" with more than 3,000 billion VND in development investment fund and 7,820 billion VND in undistributed profit after tax.

Becamex is currently one of the industrial real estate enterprises with the largest assets in Vietnam with VND57,291 billion as of June 30 (more than USD2 billion).

Becamex, formerly known as Ben Cat General Trading Company, was established in 1976. In 1996, Becamex developed the first VSIP industrial park following a modern industrial - urban - service integration model through the VSIP joint venture.

Currently, Becamex is operating 21 industrial parks, present in 15 provinces and cities nationwide, with a network of dozens of member enterprises in many fields such as healthcare, education, telecommunications, energy, infrastructure, etc.

Industrial parks in the Becamex network include VSIP Bac Ninh, VSIP Hai Phong, VSIP Hai Duong, VSIP Nghe An, VSIP Quang Ngai, VSIP Binh Dinh, VSIP Binh Duong.

The company said it has received investment approval for seven new industrial parks including VSIP Lang Son, VSIP Thai Binh, VSIP Quang Ngai II, VSIP Ha Tinh, VSIP Can Tho, VSIP Quang Tri and VSIP Nam Dinh.

Source: https://dantri.com.vn/kinh-doanh/co-dong-lon-im-lang-becamex-that-bai-trong-ke-hoach-chao-ban-co-phieu-20250921125603826.htm