Yeah1 Group Corporation listed more than 27.36 million of its shares on the HCM Stock Exchange on June 26, becoming the first ever entertainment company to list.

YEG listed at a reference price of VND250,000 (US$10.9), beating the previous records held by Sabeco and Vinamilk. By 10:45 it increased to VND300,000.

At that time the company’s market cap was worth VND8.82 trillion ($385.1 million).

Established in 2006, Yeah1 runs a bunch of entertainment channels including Yeah1TV, Yeah1family, Imovietv, and SCTV2.

Le Thi Tuyet Hang, director of the exchange’s listing and disclosure department, said the listing would help promote the company’s image and prestige and facilitate further capital mobilisation down the line.

HOSE expects it to scrupulously comply with market regulations, she said.

In 2008 DFJ VinaCapital, a venture fund belonging to Viet Nam’s leading asset manager VinaCapital, invested in Yeah1.

Last year, Yeah1 reported after-tax profit of VND82.3 billion on revenues of VND851 billion ($37.16 million), with the profit quintupling from the previous year.

For 2018 it has a profit target of VND172 billion on revenues of VND1.6 trillion ($69.86 million). — VNS