(Bloomberg) -- Warburg Pincus-backed BW Industrial, a logistics and industrial property developer, is eyeing a potential Vietnam initial public offering in one or two years, according to Chief Operating Officer Fion Ng.
“That’s definitely one of the potential options in the future that we are continuing to pursue,” Ng said in an interview with Haslinda Amin on Bloomberg Television Wednesday.
The IPO timing will depend on market conditions and “getting ourselves continually up to scale,” she said. The company is well-funded, Ng said. “I don’t think we are gonna be short of funds in the near future.”
BW Industrial has seen no pullback from potential new clients over concerns Vietnam could face new tariffs on its exports to the US, 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, Ng said.
Vietnam, one of the world’s most trade-dependent nations which had a surplus of around $100 billion with the US last year, could be a prime target for President-elect Donald Trump’s policies to rebalance trade. Trump last month said he would impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada.
Read: Vietnam Vows to Buy More US Aircraft, LNG in New Tariff Era
Leases this year are up 50% over 2023 and the company is on track to lease 1.2 million square meters of industrial and logistics space in 2024, she said.
BW Industrial is looking to keep pace with construction of a million square meters of industrial leasing land a year, Ng said. “We are not slowing our investment,” she said.
BW Industrial was founded in 2018 as a joint venture of Becamex IDC Corp and Warburg Pincus. The company has more than 10 million square meters of industrial land in 12 provinces, according to its website.
Read: Warburg Boosts Logistics Bet With $200 Million Vietnam JV (1)
--With assistance from Linh Vu Nguyen, Haslinda Amin and Naman Tandon.
(Updates the story with IPO time frame in the first paragraph.)
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