BW Industrial plans for IPO in Vietnam

The COO of BW Industrial in Vietnam Fion Ng said the IPO would be definitely one of the potential options in the future that the company WAS continuing to pursue,” in an interview with Bloomberg.

The IPO timing will depend on market conditions, she noted, confirming that the company is well-funded.

“I don’t think we will be short of funds in the near future,” Ng said.

BW Industrial has seen no pullback from potential new clients over concerns Vietnam could face new tariffs on its exports to the United States, Ng said.

“We have seen no drop in leasing inquiries,” she said. “In fact, we have hosted more site visits than before for manufacturers flying in from various countries, including China."

Leases this year are up 50 per cent on 2023 and the company is on track to lease 1.2 million square metres of industrial and logistics space in 2024, Ng said.

BW Industrial is looking to keep pace with construction of a million sq.m of industrial leasing land a year, according to Ng. “We are not slowing our investment,” she added.

BW Industrial was founded in 2018 as a joint venture of Becamex IDC and Warburg Pincus to develop for-rent logistics and industrial property Vietnam. The company has more than 10 million sq.m of industrial land in 12 cities and provinces, according to its website.

Becamex IDC currently owns 24.06 per cent capital of BW Industrial, equivalent to more than VND4.1 trillion (approximately of $170.8 million). BW Industrial now owns a portfolio of around $3 billion, including a land bank of more than 1,000 hectares in 58 projects in 12 cities and provinces, with more than 400 tenants, according to the company.