CP Vietnam, Highlands Coffee and a series of "giants" are racing to go public

The IPO wave is bustling, many 'big guys' are simultaneously implementing plans to go public.

The race to go public and attract capital from the stock market is being carried out by many businesses - Photo: QUANG DINH

Many "big guys" want to go public, new decree paves the way

According to data from Dragon Capital, the IPO market (enterprises offering shares to the public for the first time to raise capital and list on the stock exchange) is recording many positive signals.

Notably, Techcom Securities (TCBS) is rushing to complete listing procedures in 2025, with an expected capitalization exceeding 4 billion USD, possibly becoming the largest listed securities company in Vietnam. VPBank Securities is also preparing for an IPO, expected to raise about 170 million USD, equivalent to 25% of shares in the coming quarters.

In the same industry, Kafi Securities has just increased its charter capital to 7,000 billion VND and plans to soon increase it to 15,000 billion VND.

Mr. Nguyen Viet Cuong, Vice Chairman of the Board of Directors, said that this is the foundation for businesses to expand their scale, invest in technology and develop products and services, aiming for sustainable values.

Accordingly, Kafi also plans to list on UPCoM in the fourth quarter of 2025, expanding opportunities to access domestic and foreign investors.

Not only securities companies, the market also expects and awaits a series of large IPOs from the infrastructure and retail sectors, including Gelex , CP Vietnam, Highlands Coffee and a number of businesses separated from the Mobile World chain.

In that context, Decree 245/2025 issued by the Government has just officially taken effect this month, with many new points supporting businesses, listing and IPO procedures are unified and less cumbersome.

The time for listing shares has been shortened from 90 days to 30 days. The requirement for a minimum 70% success rate has been abolished. The time for processing tender offers has been reduced from 15 days to 7 days.

In addition, procedures for issuing convertible shares and covered warrants have also been streamlined... This helps businesses save time, costs and makes it easier to raise capital.

Vietnamese stocks: Short-term tug-of-war, long-term attraction

Regarding the general market, facing profit-taking pressure, the VN-Index closed today's trading session, September 17, with a slight decrease of 0.59%, anchored at 1,670 points. The entire market had about 37,150 billion VND changed hands.

Looking at the broader picture, the Vietnamese stock market has maintained a positive trend over the past month, with the VN-Index continuously setting new peaks and at times approaching the 1,700-point mark before profit-taking pressure appeared.

In USD terms (the yield that foreign investors receive after conversion), the VN-Index increased by 11.5%, the highest since May 2020. Market liquidity also set a record, with an average daily trading value of about 1.9 billion USD and a peak session of up to 3.3 billion USD in the month.

The main driving force came from domestic cash flow, reflected in more than 250,000 newly opened securities accounts. This trend partly offset net selling pressure from foreign investors.

According to Ms. Dang Nguyet Minh - Director of Dragon Capital's research department, market momentum and liquidity remain strong, but the possibility of short-term adjustments is difficult to avoid due to profit-taking, trade fluctuations, geopolitical tensions and exchange rate risks.

VinaCapital said the VN-Index is currently trading at a trailing P/E (stock price/earnings in one year) of 15.8 times, much lower than previous peaks, showing that there is still room for growth, but stock selection has become relatively difficult.

However, in the long term, Vietnamese stocks remain attractive thanks to the prospect of upgrading, stable economic growth and corporate profits, along with the "Doi Moi 2.0" program - promoting structural reforms, as well as the approval process of infrastructure and real estate projects.

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Source: https://tuoitre.vn/cp-viet-nam-highlands-coffee-cung-loat-dai-gia-ram-ro-cuoc-dua-len-san-chung-khoan-20250917170704845.htm