Vietnam's meat processor, Vissan, has sold a 14% stake in an initial public offering, raising close to VND907 billion (US$40.1 million).

Shares - at an overall of 11.33 million - were each offered at VND67,000 - VND102,000 (US$2.90 - US$4.50), compared to the initial price of VND17,000 (US$0.76). More than 29% were acquired by foreign investors.

Another 14% stake could be sold to important partners after the auction. Possible buyers include South Korean-owned animal feed producers, CJ and Anco and Proconco, said Vissan's CEO, Van Duc Muoi.

The state ownership - managed by Ho Chi Minh City-based trading company Satra - is expected to be cut to 65%.

Amongst Vietnam's top meat processors, Vissan currently owns 985 outlets around the country, mostly in supermarkets and convenience stores.

In 2014, the company witnessed a 4.3% increase in net revenue year-on-year, to more than VND4.88 trillion (US$215.84 million). In January - September 2015, Vissan recorded more than VND4.88 trillion ($215.84 million) in revenue.

- Thanh Nien News