On the afternoon of September 16, 2025, Hoa Phat Agricultural Development Joint Stock Company (HPA), a subsidiary of Hoa Phat Group (HOSE: HPG), officially submitted its Initial Public Offering (IPO) application to the State Securities Commission.
According to the plan, HPA will offer a maximum of 30 million shares to investors. The pricing principle is set at no less than the book value per share, currently at 11,887 VND/share as of June 30, 2025. The raised capital is expected to be used for investment in farm systems, animal feed factories, and to supplement working capital and expand production in the Central and Southern regions. The company aims to list on HOSE in December 2025 under the stock code HPA.
 Pig farming at Hoa Phat – Illustrative image
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Hoa Phat Agriculture is the second largest contributor to Hoa Phat Group, following the steel sector. In 2024, the company recorded net revenue of 7,084 billion VND, a 12.2% increase compared to 2023. In the first six months of 2025, revenue reached 4,325 billion VND, equivalent to 61% of the previous year.
Gross profit grew robustly, from 544 billion VND in 2023 to 1,462 billion VND in 2024, a 169% increase. In the first half of 2025, HPA achieved a gross profit of 1,206 billion VND, equivalent to 83% of the entire 2024 result. After-tax profit for the first half of 2025 reached 939 billion VND, 2.3 times higher than the same period last year, with a projected full-year profit of approximately 1,600 billion VND, and an estimated EPS of 6,274 VND.
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Hoa Phat entered the agricultural sector in 2015, with HPA as the legal entity managing all operations. After nearly 10 years, the company has established a nationwide network of factories and farms, leading the Australian beef market share and holding the top position in the Northern egg market with a daily output of nearly 1 million eggs. The company is among the 13 largest animal feed producers and operates a closed pig farming system with a capacity of over 600,000 pigs per year. |
– 08:49 17/09/2025
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