VPBank Securities JSC (VPBankS) has officially announced its resolution to address the unallocated shares from its initial public offering (IPO). As of November 7th, investors have successfully subscribed and paid for 373.72 million out of the 375 million shares offered. Approximately 1.27 million shares were registered but remain unpaid by investors.
Consequently, VPBankS is offering these remaining shares to investor Bùi Huyền Trang at a price of VND 33,900 per share. This transaction is expected to generate VND 43.3 billion in revenue for the company.
Upon completion of the IPO, VPBankS anticipates raising over VND 12,700 billion, valuing the company at approximately VND 63,600 billion (nearly USD 2.4 billion). The company’s chartered capital will also increase from VND 15,000 billion to VND 18,750 billion, with the number of outstanding shares rising from 1.5 billion to over 1.875 billion.
Regarding capital allocation, 68% (over VND 8,600 billion) will be directed toward margin lending activities, 30% (over VND 3,800 billion) toward securities investment and proprietary trading, and the remaining 2% (over VND 254 billion) toward advance payment for securities sales. The disbursement period is scheduled from Q4 2025 to 2026.
In terms of business performance, VPBankS reported cumulative revenue of VND 5,457 billion in the first nine months of 2025, a threefold increase year-on-year. Pre-tax profit reached VND 3,260 billion, with post-tax profit at VND 2,614 billion, both nearly quadrupling compared to the same period last year.
In early September, VPBankS revised its 2025 business targets upward, setting revenue at VND 7,117 billion (previously VND 4,552 billion) and pre-tax profit at VND 4,450 billion (previously VND 2,003 billion). The company has already achieved 77% of its revenue target and 73% of its profit target for the year.
As of September 30, 2025, VPBankS’ total assets stood at VND 62,127 billion, an increase of over VND 35,400 billion since the beginning of the year. Notably, the company has significantly expanded its margin lending portfolio to over VND 27,000 billion, up by more than VND 17,500 billion year-to-date, marking an all-time high.
The FVTPL asset portfolio reached VND 20,150 billion, an increase of over VND 7,600 billion, with substantial investments in bonds (over VND 10,000 billion), deposit certificates (over VND 5,000 billion), and equities (nearly VND 4,000 billion).
Additionally, the AFS asset portfolio has a book value of over VND 1,700 billion, currently yielding a profit of over VND 200 billion. Within this portfolio, bond holdings have decreased to approximately VND 1,000 billion, while listed equities account for over VND 700 billion in book value.
Alongside asset growth, VPBankS has increased its debt levels. Short-term debt at the end of the period reached nearly VND 40,500 billion, up by over VND 31,000 billion year-to-date. This includes VND 23,770 billion in bank loans and nearly VND 16,700 billion in loans from individuals and organizations.
The report also highlights that VPBankS has pledged assets valued at VND 5,283 billion as collateral for its short-term loans. These assets include AFS bonds, deposit certificates, and FVTPL deposit contracts.
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