The Vietnamese stock market is in a rare period of excitement as the VN-Index continuously conquers new milestones, cash flow is more abundant and expectations of market upgrade are approaching. The exciting atmosphere has created favorable conditions for a series of enterprises to accelerate their capital mobilization plans.
"Queue up" for public offering
Statistics show that in a short time, a series of initial public offering (IPO) plans or capital increase plans of thousands of billions of VND of large enterprises have been announced. In particular, securities companies take advantage of the opportunity to raise capital, consolidate their operating foundation and expand their proprietary trading, margin (margin lending), and underwriting services.
The most mentioned name recently is Techcom Securities Company (TCBS) - the "darling" of Techcombank . On September 18, the State Securities Commission announced that TCBS's IPO was "sold out", with the number of orders being 2.5 times the amount offered. The IPO also recorded a record number of investors registering to participate, with more than 26,000, including 78 institutional investors. Accordingly, this company successfully issued 231.15 million shares, raising its charter capital to more than VND 23,113 billion and its equity exceeding VND 41,000 billion.
TCBS’s heat, besides its internal strength, also lies in its plan to list its shares in October, which has attracted more attention from investors. This helps raise the expected valuation of the company to more than 4 billion USD - a very large number on the stock exchange.
Hoa Phat Agricultural Development Company - the leading enterprise in livestock and chicken egg market share in the North - is about to IPO and list its shares on the stock exchange in December 2025. Photo: SON NHUNG
Not only TCBS, VPBank Securities Company (VPBankS) - a subsidiary of Vietnam Prosperity Joint Stock Commercial Bank - has just announced its IPO plan and registered for listing on HoSE or UPCoM, also attracting great attention from investors. According to the plan, VPBankS plans to issue up to 25% of outstanding shares, equivalent to 375 million units, to domestic and foreign investors. If fully offered, the company's charter capital will increase from VND15,000 billion to VND18,750 billion, making VPBankS the group with the largest charter capital in the industry. Notably, the company's shareholders' meeting also approved the policy of raising the foreign ownership ceiling to 100%, sending a message of readiness to welcome foreign capital in the context of the market expecting an upgrade.
In addition, the current market leading broker, VPS Securities Company, has also conducted a survey of investor demand for its own IPO plan. According to the company, the survey helps to consider the right time to bring shares to the public.
"In the context of foreign capital returning after many years of net selling, the Vietnamese market is close to upgrading, the company's IPO not only adds a "billion dollar" option but also creates a strong psychological effect, strengthening investors' confidence in the long-term prospects of capital mobilization channels for the economy in addition to bank credit sources" - said a representative of VPS Securities Company.
In another field, Hoa Phat Agricultural Development Company (HPA) - a subsidiary of Hoa Phat Group - has just submitted an IPO application to the State Securities Commission and is expected to list on HoSE in December 2025 with the code HPA. The company will offer a maximum of 30 million shares, equivalent to 11.7% of its charter capital, at a price not lower than the book value of VND11,887/share. The mobilized capital will be used to contribute capital to farms, animal feed factories and supplement working capital.
HPA currently leads the egg market share in the Northern region with an output of 1 million eggs/day, owns a closed pig farm system with a capacity of more than 600,000 pigs/year, is in the top 13 largest animal feed producers, and leads the Australian beef market share. In 2024, Hoa Phat's agricultural sector recorded revenue of VND 7,081 billion, an increase of 12%, pre-tax profit of VND 1,038 billion, 5 times higher than the previous year.
In addition, a series of other "giants" are also planning to IPO and list on the stock exchange in the near future, such as: Gelex Infrastructure Company, CP Vietnam, Highlands Coffee, Bach Hoa Xanh, Dien May Xanh.
Creating conditions to attract foreign investors back
In its latest update report, Dragon Capital Fund Management Company stated that the IPO wave has restarted with many positive signals, which could become a catalyst for the market. According to Dragon Capital’s estimates, Vietnam’s stock market could welcome an IPO wave of up to 47 billion USD in the next 3 years.
According to Mr. Huynh Anh Tuan, General Director of Vikki Bank Securities Joint Stock Company (VikkibankS), the stock market is a place to help businesses mobilize capital to develop their business. Therefore, when the market is in a positive phase, with high liquidity and strong stock prices, it is understandable that businesses promote IPOs and list their stocks on the stock exchange.
He said that this is also the time when the Government focuses on removing difficulties and creating conditions for the market to be vibrant towards the goal of upgrading, so attracting listed enterprises and auctioning shares is even more meaningful. "When there is new capital flow, new investors, new quality stocks, the market will stimulate the interest of domestic and foreign organizations, increasing the capitalization scale - an inevitable step to upgrade and develop strongly" - Mr. Tuan emphasized.
At the talk show "Upgrading securities: New steps, great opportunities" recently organized by Nguoi Lao Dong Newspaper, experts agreed that along with the prospect of upgrading the market from frontier to emerging, the important factor is quality "goods". According to calculations, if upgraded, foreign capital could flow into Vietnam from 5 to 10 billion USD in the first year, but on the condition that the market must have more attractive stocks.
Dr. Tran Thi Kim Oanh, University of Finance and Marketing, said that the quality of listed companies is the main factor that helps increase investor interest. "The State needs to strengthen corporate governance and require the publication of financial reports in English. Currently, only 30% of companies on HoSE fully disclose in English, which limits the participation of foreign investors," she analyzed.
According to this expert, when information is more transparent, the free float ratio (freely transferable shares) in large enterprises such as Vingroup (VIC), Vinhomes (VHM), Vinamilk (VNM), Hoa Phat (HPG)... can increase to a higher level than the current average of 30% - 40%, thereby increasing the attractiveness and helping the P/E valuation of VN-Index approach 18 - equal to markets in the ASEAN region.
Mr. Nguyen The Minh - Director of individual client analysis, Yuanta Vietnam Securities Company - pointed out that for the market to develop sustainably, in addition to the impact of the upgrade and the US Federal Reserve's interest rate reduction roadmap, it is important to maintain the growth momentum of listed enterprises and unleash the IPO wave in the long term.
"An important step forward is Decree 245/2025/ND-CP amending and supplementing Decree 155/2020/ND-CP recently issued by the Government, which shortens the IPO and listing time, while strengthening the protection of investors' rights. With the new regulations, the source of IPO goods listed on the stock exchange will be boosted, something the market has lacked since 2022. This wave is reminiscent of the 2017-2018 period, when foreign capital flowed in strongly thanks to large listing deals. If the upcoming IPOs are successful, it is highly likely that foreign investors will reverse and return to net buying" - this expert expects.
Securities company revaluation wave
The head of a securities company's business department said that the successful TCBS IPO not only created more quality products for the market but also had a ripple effect on the securities industry's stock group. He said that with a capitalization of over 4 billion USD, TCBS's valuation was quite high but still attracted a large number of investors to register to buy, this would be the basis for other leading securities companies to re-evaluate themselves. "In particular, with new cash flow and new quality products coming in, the stock market will have more potential," he emphasized.
Source: https://nld.com.vn/bung-no-ipo-sau-nhieu-nam-lang-song-196250919220449705.htm
Comment (0)