Bao Tin Manh Hai Jewelry JSC, one of Vietnam's largest gold retailers, is preparing for an initial public offering in the fourth quarter, planning to sell at least a 15% stake. The Hanoi-based jeweler expects to begin marketing the share sale through investor roadshows in June, working with advisers including SSI Securities Corp for listing preparations on the Ho Chi Minh City Stock Exchange.

The company aims to capitalize on Vietnam's gold market reforms, which are ending the state monopoly on bullion production. Bao Tin Manh Hai has reported after-tax profit of 774 billion dong ($29.4 million) last year, with revenue surging to nearly 28 trillion dong from about 2.5 trillion dong a year earlier. Eleven companies have applied for gold bar production licenses, with the jeweler expecting approval by midyear.

With 16 current stores across Vietnam, the jeweler plans to open 68 additional outlets this year as it works toward its goal of having 450 stores by 2030. The company is focusing on 24K lifestyle products and working with Chinese specialists to enhance its manufacturing capabilities. Chief Executive Officer Nguyen Thi Hong stated their ambition to become a "national gold brand," with expectations that revenue will at least double this year.