The brokerage arm of Agribank, Vietnam's top lender, raised VND316 billion (US$18.6 million) in an initial public offering, the Hanoi Securities Trading Center said in a statement Tuesday.

The Hanoi-based Agribank Securities Co., known as Agriseco, sold all the 30 million shares on offer at an average price of VND10,521 each ($0.60), just 0.2 percent above the starting price of VND10,500, the exchange said in the statement.

Foreign investors acquired 18,524 shares.

Proceeds from the IPO will be used to boost Agriseco's financial strength and bolster its debt business, an Agriseco official told Reuters last December.

Agriseco is set to raise its capital base to VND1.2 trillion ($68.7 million), which would make it the country's largest broker in terms of chartered capital.

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