Following the successful conclusion of its Initial Public Offering (IPO) on November 17, 2025, VPS Securities Corporation raised a total of VND 12,138 billion. The company has since announced its new ownership structure, with a significant focus on a prominent domestic fund management organization.
Saigon Capital: Modest Assets, Massive Portfolio
According to the report submitted to the State Securities Commission, Saigon Capital Fund Management JSC (SGC) holds over 591.4 million VPS shares, representing a 39.9% stake in the company’s charter capital. This substantial holding predates the IPO.
With the IPO issuance price set at VND 60,000 per share, Saigon Capital’s holdings are valued at approximately VND 35,485 billion (around USD 1.35 billion). This contrasts with the company’s modest financial scale, as reported in its Q3 2025 financial statements, which show total assets of VND 75.6 billion and equity of VND 74.8 billion (with a charter capital of VND 43.8 billion).
Saigon Capital’s leadership includes Chairman Do Duy Tan, appointed in late October 2025, and CEO Le Thu Minh. As of September 30, 2025, the company’s assets under management (AUM) reached VND 4,898 billion, nearly doubling (84%) since the beginning of the year.
Saigon Capital’s ownership surpasses that of the second-largest shareholder, Nguyen Lam Dung (Chairman of VPS), who holds approximately 129 million shares (8.7%), valued at around VND 7,739 billion.
IPO Results and Capital Allocation Plan
The VPS IPO successfully distributed 202.3 million shares to 19,693 investors, with domestic investors accounting for 99.93% of the total. The net proceeds of VND 12,138 billion will be allocated as follows: (1) VND 10,976 billion (90%) for margin lending capital; (2) VND 900 billion for IT infrastructure upgrades; and (3) VND 270 billion for workforce development.
Additionally, VPS resolved outstanding fractional shares and unfulfilled payments by reallocating them to individuals Vu Cao Hoang Hai Linh and Nguyen Truong Giang, ensuring a 100% successful issuance.
VPS Appoints New CEO Post-IPO, Reveals Major Shareholders List
Following its high-profile IPO, VPS Securities promptly removed Mr. Nguyen Lam Dung from his position as CEO to comply with legal regulations for publicly traded companies. The post-IPO list of major shareholders has also been disclosed, revealing Saigon Capital as the largest stakeholder with 39.9% ownership, while Mr. Nguyen Lam Dung retains an 8.7% stake.
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VPS Securities Continues Distribution of Remaining Shares in IPO
VPS Securities has successfully allocated the remaining 690,285 shares from its IPO to investor Vũ Cao Hoàng Hải Linh. Additionally, 12,859 fractional shares have been distributed to investor Nguyễn Trường Giang.
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Global Brokerages Caught in the Capital Increase Vortex
Amidst a market correction marked by liquidity tightening and index fluctuations, the race to raise capital within the securities sector has entered a new phase of heightened tension. After a period of relative inactivity, foreign investors are now re-emerging as key players in this competitive landscape. This resurgence signals a notable shift, particularly as the IPO trend is poised to extend its reach to foreign direct investment (FDI) enterprises, warranting close attention from market observers.
