Vincom Retail, the shopping mall subsidiary of conglomerate Vingroup, has launched Vietnam’s largest-ever IPO.

Offering a total of 380.22 million shares, the deal could be worth up to US$713 million, reports the International Financial Review.

As well as the institutional shares, another 19 million are being offered in the retail tranche, reports IFR. All proceeds will go to Vincom Retail’s private equity investors and other shareholders.

Vincom Retail, which is backed by US private equity firm Warburg Pincus, has expanded its portfolio from fewer than five properties to around 40 malls totalling 1.1 million square metres since 2013, according to Bloomberg. Vincom has more than 60 per cent market share in the country’s modern retail industry.