Why Did F88 Pawnshop’s IPO Price Soar Above the Market?

On August 8, F88 Joint Stock Investment Company will officially list over 8.26 million shares on the UPCoM exchange, according to a decision announced by the Hanoi Stock Exchange (HNX).

F88 Shares: The Highest-Priced Stock in Vietnam

With a registered capital of over VND 82.6 billion, this event marks a new milestone in the development journey of Vietnam’s largest pawnshop lending company.

What’s even more noteworthy is that the reference price for F88’s first trading session has been set at VND 634,900 per share, the highest on Vietnam’s stock market to date.

This price far surpasses the current leaders in terms of market price, such as WCS (Mien Tay Coach Station) at VND 422,000, and the technology “unicorn” VNG’s VNZ, which stands at VND 415,600.

Even well-known companies like Vinacafé Bien Hoa (VCF), FPT Retail (FRT), and Masan Consumer (MCH) trail behind, with market prices of VND 313,000, VND 154,500, and VND 145,000, respectively.

According to F88, the reference price is carefully calculated based on the audited financial statements for 2024, with a book value of approximately VND 209,000 per share, which is significantly higher than the current market average.

At the 2025 Annual General Meeting held not long ago, the issue of the listing price and the potential for price declines upon UPCoM listing was discussed enthusiastically by shareholders. Many investors expressed concern that with such a high listing price, the opportunity to acquire shares would become out of reach for most of the market.

Mr. Phung Anh Tuan Addresses Concerns About F88’s Share Price

Addressing these concerns, Mr. Phung Anh Tuan, Chairman of F88’s Board of Directors, assured that the share pricing has been carefully considered to balance the interests of existing shareholders while attracting new investors. “If the price is too high, it may deter new shareholders. But if it’s too low, existing shareholders will be at a disadvantage,” he emphasized, adding that the final price also requires the consensus and approval of the HNX.

Mr. Tuan also expressed confidence in the market’s impartial assessment: “Investors are very smart. They will recognize the true value and growth potential of the company. If the share price drops to an attractive level, the market will respond accordingly.”

In terms of financial performance, F88 is demonstrating its appeal not only in valuation but also in its fundamentals. For the first half of 2025, the company recorded a total revenue of VND 1,744 billion, a 30% increase compared to the same period last year. The core pawnshop lending business contributed VND 1,521 billion, a 28% growth. Notably, pre-tax profit reached VND 321 billion, an impressive 213% increase, indicating a significant improvement in profit margins.

In an interview with NLD, an analyst from a securities company shared that for newly listed stocks, the price often needs time to “establish a new equilibrium” as the market absorbs supply and demand, eventually reflecting the true value.