On September 25th, the Board of Directors of VPBank Securities JSC (VPBankS) approved an adjusted plan for their initial public offering (IPO).
The official offering price was set at VND 33,900 per share, significantly higher than the previously announced minimum of VND 12,130 per share. With 375 million shares offered, the company expects to raise over VND 127 trillion, valuing the company at approximately VND 636 trillion (nearly USD 2.4 billion).
The capital allocation plan has also been revised. Approximately 68% of the proceeds (over VND 8.6 trillion) will be allocated to margin lending activities, 30% (over VND 3.8 trillion) to securities investment and proprietary trading, and the remaining 2% (over VND 254 billion) to advance payments for securities sales. The disbursement period is expected to span from Q4 2025 to 2026.
In terms of distribution, VPBankS has added two additional underwriters, SSI Securities and Saigon-Hanoi Securities (SHS), alongside Vietcap Securities. The company has also adjusted its plan for handling any unsold shares after the IPO.
If the IPO is successful, VPBankS’s chartered capital will increase from VND 15 trillion to VND 18.75 trillion, with the number of outstanding shares rising from 1.5 billion to over 1.875 billion. The offering is scheduled for Q3 2025 – Q2 2026, with the subscription period potentially starting in October 2025.
VPBankS is a subsidiary of Vietnam Prosperity Bank (VPBank), with VPBank holding 99.9% of its capital. The company’s chartered capital stands at VND 15 trillion, ranking it 4th in Vietnam’s securities industry.
As of June, VPBankS’s equity reached VND 18.194 trillion. In the first half of the year, the company reported after-tax profits of nearly VND 722 billion, an 80% increase year-on-year, placing it among the top 5 most profitable firms in the sector. Margin lending debt stood at VND 18 trillion.
Aside from VPBankS, 2025 will also see the IPO of TCBS and the anticipated IPO of VPS, scheduled for late 2025 or 2026.
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