Habeco will list its entire 231.8 million shares, equivalent to the total listing value of nearly VNĐ2.32 trillion (US$103 million), at the reference price of VNĐ127,600 ($5.65) per share, the bourse said in a statement. The share price is allowed to fluctuate +/-20 per cent on the first trading day.

Shares of the North’s largest brewer are trading at some VNĐ128,000 per share on the Unlisted Public Company Market (UPCoM), which is under the management of the Hà Nội Stock Exchange.

HCM City’s exchange on December 30, 2016, approved the company’s filing to move its listing from the UPCoM to HOSE.

By changing its listing to HOSE, which is the main bourse in Việt Nam, with total market capitalisation of some $68 billion, Habeco is expected to improve its reputation and draw more investments.

The company has become a ‘phenomenon’ on the UPCoM since its debut on October 28 last year, when its price shot from an initial VNĐ39,000 per share to a peak of VNĐ225,800 per share on December 16.

Headquartered in Hà Nội, it is the largest beer producer in the North and the third-largest beer company in Việt Nam, with popular brands such as Hanoi Beer and Truc Bach Beer. It owns 17 subsidiaries and six affiliated companies, with total production capacity of over 800 million litres of beer per year.

Ending September 2016, Habeco reported total combined revenues of nearly VNĐ7.65 trillion, down 5 per cent year-on-year. Its net profit declined by a steeper 23.5 per cent year-on-year to VNĐ960.5 trillion.

The company has not increased its charter capital from the 2008 initial public offering, which remains at over VND2.3 trillion. Its cumulative annual profits are mainly distributed to its investment and development fund, which amounted to VNĐ2.54 trillion until September 30, 2016.

Its total equity reached nearly VNĐ5.7 trillion, 2.5 times its charter capital.