It plans to sell 81 million shares at the average price of at least the last 10 sessions on the stock market but has not disclosed the timing or buyer’s identity.

As of Tuesday, the average figure was VND115,700 ($5.02), putting the value of the deal at over VND9.3 trillion ($403 million). There will be a lock-up period of one to three years when the shares cannot be sold.

Vietjet also plans to issue $300 million worth of international bonds on the Singapore Exchange this year.

So far this year it has raised a total of VND2 trillion via bonds.

In the first quarter it reported a post-tax profit of VND123 billion against a loss of VND989 billion in the same period last year.