Upcoming IPOs Set to Ignite the Market

Billion-Dollar Financial Group Valuation

During the roadshow held on the afternoon of October 15th in Ho Chi Minh City, Mr. Vu Huu Dien, CEO of VPBankS, announced that the company will offer 375 million shares at a price of 33,900 VND per share. VPBankS aims to raise nearly 12,713 billion VND through its initial public offering (IPO).

Mr. Dien stated that this price is highly attractive and the deal will set a new record for the scale of offerings in Vietnam’s securities industry. The capital will not only expand margin lending capacity but also enhance the company’s competitive strength. Post-IPO, VPBankS is expected to be valued at 63,562 billion VND (equivalent to 2.4 billion USD).

“At this offering price, VPBankS is valued at a projected 2025 P/E ratio of 14.3 times and a P/B ratio of 2.4 times, lower than the industry averages of 23.1 times and 2.7 times, respectively, opening up significant growth potential post-listing,” said Mr. Dien.

Similarly, the Ho Chi Minh City Stock Exchange (HoSE) announced that over 2.31 billion TCX shares of Techcom Securities will be listed from October 21st at a price of 46,800 VND per share. The reference price on the first trading day is 46,800 VND per share, with a 20% fluctuation range.

Previously, TCX announced the registration results and the plan to handle odd-lot shares in the IPO of over 231 million shares. The IPO helped Techcom Securities increase its charter capital from 20,801 billion VND to 23,133 billion VND, with a structure recognizing nearly 27,000 shareholders.

With an offering price of 46,800 VND per share for over 231 million shares, Techcom Securities raised 10,800 billion VND from this IPO, equivalent to a post-IPO valuation of approximately 4.1 billion USD.

VPS Securities also passed a resolution to change several details in its previously announced IPO plan. Specifically, the minimum IPO price has increased from 22,457 VND per share to 60,000 VND per share for up to 202 million shares.

If VPS Securities successfully IPOs all 202.31 million shares at the minimum price of 60,000 VND per share, it is expected to raise over 12,100 billion VND. Thus, VPS Securities will be valued at nearly 89,000 billion VND, equivalent to approximately 3.4 billion USD.

Upcoming High-Profile Deals

Beyond the financial sector, Gelex Infrastructure is also preparing for its IPO. Gelex Infrastructure plans to offer approximately 100 million shares (equivalent to 12% of its capital) at an expected price of 28,000 – 30,000 VND per share, potentially raising around 3,000 billion VND to invest in real estate infrastructure projects. The IPO is expected to be approved in October, with the auction taking place in the last two months of the year and listing as early as January 2026, and no later than Q2 2026.

Another notable deal is Hoa Phat Agricultural Development Company (HPA), a subsidiary of Hoa Phat Group (stock code: HPG), which has submitted its IPO filing and is expected to list on HoSE in December this year. HPA plans to offer up to 30 million shares, equivalent to 11.7% of its charter capital, at a price not lower than the book value of 11,887 VND per share.

In the manufacturing sector, Ton Dong A Corporation also aims to transfer 149 million shares from Upcom to HoSE. In the consumer sector, Masan Consumer plans to transfer over one billion shares to HoSE by the end of this year or early next year, with a market capitalization of up to 5.7 billion USD.

Additionally, the market is awaiting the IPO plans of Masan Group’s subsidiaries (stock code: MSN), the MW chain (Dien May Xanh, The Gioi Di Dong), and Bach Hoa Xanh of Mobile World Investment Corporation (stock code: MWG).

Why the Rush to IPO?

Discussing the reasons behind the rush of companies to IPO and switch exchanges at this time, Mr. Hoang Nam, Director of Research and Analysis at Vietcap Securities, noted that FTSE Russell’s official confirmation of upgrading Vietnam from frontier to secondary emerging market status not only positively impacts listed companies but also encourages companies to IPO.

Particularly, Resolution 68 of the Politburo positions the private sector as a key driver of economic growth, so companies are in need of substantial capital to expand their business activities.

“The stock market is vibrant, providing an ideal platform for companies to raise capital. Numerous companies are planning to IPO and list,” said Mr. Nam.

Another factor highlighted by Mr. Nam is the simplification of administrative procedures in the business sector managed by the State Bank, which has positively impacted the listing wave, reducing the processing time from 90 days to 30 days, especially for small and medium-sized banks. New regulations from mid-September 2025 allow banks to list without requiring two consecutive years of profit, a non-performing loan ratio below 3% for two consecutive quarters, or a sufficient number and structure of the Board of Directors.

Mr. Nam estimates that IPO and listing activities will surge from now until 2027, with a projected total value of approximately 50 billion USD. This will diversify the stock market’s offerings, creating significant opportunities for consulting organizations.

HSBC’s Global Investment Research department believes that, in the most optimistic scenario, Vietnam could attract up to 10.4 billion USD in foreign capital following the market upgrade, thanks to increased investor confidence, enhanced market liquidity, and expanded capital-raising capabilities for companies. This is a crucial factor in helping companies diversify revenue sources and improve long-term valuation.