Vietnam’s Largest Stock Market Deal in History Set to Launch in Days

On October 1st, after receiving the Public Offering Certificate from the State Securities Commission, VPBank Securities Joint Stock Company (VPBankS) announced its public offering of shares at a price of VND 33,900 per share, with a total of 375 million shares available.

The expected capital raised is nearly VND 12,713 billion, marking the largest initial public offering (IPO) in the history of Vietnam’s securities market. This paves the way for the company to expand its margin lending capacity and boost business operations. At this offering price, VPBankS is valued at approximately VND 63,562 billion (over USD 2.4 billion) post-IPO.

The registration period for purchases runs from 8:00 AM on October 10th to 4:00 PM on October 31st, 2025. Investors can register to buy a minimum of 100 shares and a maximum of 93.75 million shares (equivalent to 5% of the post-issuance charter capital), with a volume step of 100 shares. A 10% deposit of the total registered value is required. The registration results and share allocation will be announced from November 1st to November 2nd, while the payment for purchased shares will be accepted from November 3rd to November 7th, 2025.

VPBankS shares will be distributed by the company itself and through three agents: Vietcap Securities, SSI Securities, and Saigon-Hanoi Securities (SHS). The registration guidelines will be available on the websites of all four entities.

At the offering price of VND 33,900 per share and the projected 2025 profit plan, VPBankS’s P/E ratio (price-to-earnings) stands at 14.3 times, while the P/B ratio (price-to-book) as of Q3/2025 is estimated at 2.5 times—both lower than the market average.

The projected 2025 P/E ratio for VPBankS is over 14 times, below the market average, presenting an attractive opportunity for investors. This low valuation also offers significant price appreciation potential upon official listing.

In terms of operations, VPBankS achieved a cost-to-income ratio (CIR) of 28.9% by the end of Q2/2025, compared to the industry average of 35–50%.

The 2026–2030 plan targets a compound annual growth rate (CAGR) of approximately 32% for both profit and revenue, reaching VND 29,051 billion and VND 17,520 billion by 2030, respectively. Key profitability metrics are expected to outperform industry averages, with ROE and ROA at 19% and 6.5%, respectively.

Additionally, VPBankS aims to capture a 10% market share in brokerage, 20% in derivatives, 18.5% in non-banking corporate bond issuance, and 15% in margin lending. By 2030, the company aspires to lead in margin lending, rank second in market share on HoSE, and secure a top-two position in both debt and equity capital markets.

VPBankS enters the IPO phase with a distinct advantage, leveraging the extensive experience of its parent bank, VPBank. VPBank is among the few entities in Vietnam to successfully execute two billion-dollar transactions: selling 49% of FE CREDIT to SMBCCF and issuing 15% of VPBank’s shares to SMBC.