Saigon Beer Alcohol Beverage Corp (Sabeco) has seen its IPO fall short of the company's target.

Sabeco said earlier this week that the initial public offering raised VND5.49 trillion (US$341m), making up only 61% of what the company had hoped to raise. A total of 78.4m of the 128.3m shares that were offered were sold, at an average price of VND70,003 each, holding steady from the VND70,000 starting price initially set for bids.

The 128.3m shares on offer represented around 20% of Sabeco's shares. Foreign investors acquired 6.9m of the 78.4m shares, the company said in a filing to the Ho Chi Minh Stock Exchange.

With IPOs and trading openings treated as separate matters in Vietnam, Sabeco said it intends to list its shares in Ho Chi Minh later this year.

Reports out of Vietnam last month said that Sabeco has approached a raft of international brewers, including Anheuser-Busch and InBev, with a view to taking a strategic stake in the company. The state-owned brewer currently accounts for around a third of Vietnam's fast-growing beer market.