DNSE Securities Joint Stock Company (DNSE) has recently submitted a proposal to the General Meeting of Shareholders regarding its plan to increase charter capital and its plan for an initial public offering (IPO).
Specifically, DNSE plans to issue an additional 36 million shares to increase its charter capital from VND 3,000 billion to VND 3,360 billion, including an IPO of 30 million shares and the issuance of an additional 6 million shares under the employee stock option program (ESOP).
Under the IPO plan, the expected number of shares offered is 30 million, corresponding to an issuance ratio of 10%. The offering price will not be lower than the book value of VND 10,756 per share, as determined in the audited semi-annual financial statements for 2023.
The planned implementation period is from Q4/2023 to Q1/Q2/2024. The target investors are domestic and foreign organizations and individuals interested in purchasing company shares.
The proceeds will be allocated as follows: 50% will be used to supplement capital for providing services such as advance payments on sales, margin trading, and other company operations/business activities.
In addition, DNSE will use 40% for proprietary trading and investing in securities on the market; the remaining 10% will be used for infrastructure investment, company system development, working capital supplementation, and other legitimate company activities.
DNSE's IPO plan (Source: DNSE).
Regarding the regulations on maximum foreign ownership ratio, the General Meeting of Shareholders approved a maximum foreign ownership ratio of 100% for the company and authorized the Board of Directors to decide on a plan to ensure that the share issuance complies with the regulations on maximum foreign ownership ratio, adjust the maximum foreign ownership ratio to suit the company's needs and legal requirements (if any), and fulfill the obligation to notify about the maximum foreign ownership ratio.
Regarding the ESOP issuance plan, DNSE plans to implement it after completing the IPO. The number of shares to be issued is 6 million, equivalent to VND 60 billion, representing 1.82% of the charter capital.
In terms of financial performance, DNSE Securities recorded a 41% increase in revenue in the second quarter and an eightfold increase in after-tax profit compared to the same period in 2022, reaching VND 176 billion and over VND 58 billion respectively. For the first six months of the year, DNSE's after-tax profit increased fivefold to VND 90 billion.
In the second quarter, DNSE recorded rapid growth in user market share. In June alone, the company opened 31,114 new accounts, accounting for approximately 21% of the entire market. The company also ranked among the top leaders in terms of new account market share, reaching 12.49% .
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