Many big firms push ahead with IPOs

Major Capital Raising

In the first half of 2025, IPO and listing activity — particularly on the HoSE — was stirred by announcements of large-scale deals. However, only a few have actually been executed so far.

One of the most notable is the planned debut of VinPearl (VPL) on HoSE, a true “blockbuster” in the tourism real estate sector with 1.79 billion shares. More recently, F88 Investment JSC (F88) listed 8.26 million shares on UPCoM, marking not only a turning point for the pawnshop sector but also adding a large-cap enterprise with a market capitalization of over VND 5 trillion.

Meanwhile, the much-anticipated Becamex IDC IPO, expected to raise over VND 20 trillion, has been delayed due to changes in tax policy. Still, with the industrial real estate sector’s promising outlook, this remains one of the most awaited IPOs in terms of both scale and market impact.

According to Mr. Nguyen Quang Thuan, Chairman of FiinGroup, listed companies’ planned equity increases (excluding dividends and bonus shares) amount to nearly VND 200 trillion in 2025, of which non-bank enterprises account for more than VND 140 trillion. In the first seven months of 2025, businesses already raised over VND 56 trillion. This means the bulk of capital raising will take place in the remaining months of the year.

“If we include IPOs, new listings, and secondary offerings, the total amount of capital raised could hit VND 1 quadrillion this year — an unprecedented figure for Viet Nam’s stock market,” Thuan noted, adding that fundraising through the bond market is also expected to reach similar levels. Unlike share issuances, which require shareholder approval, bond issuances are typically authorized by company boards, meaning many plans have yet to be disclosed.

Anticipating “Deals of the Century”

Among disclosed plans, the market is eagerly awaiting the IPO of Techcom Securities (TCBS). As one of Techcombank’s most profitable subsidiaries, TCBS is a core piece of the bank’s ecosystem strategy, helping sustain growth momentum and stabilize earnings across economic cycles.

TCBS recently announced an IPO price of VND 46,800 per share, equivalent to a trailing P/B ratio of 3.24x, about 32% higher than the median P/B of the seven largest listed securities companies over the past 12 months.

At this offering price, if successful, TCBS would be valued at around USD 4.1 billion, with a forward P/B of 3x and P/E of 22.6x. This compares reasonably with peers: SSI (23x P/E), VND (24x), and VCI (35x).

“This valuation is fair given the strong growth of the stock market. However, investors should exercise caution, particularly regarding potential price volatility after listing,” commented Mr. Phan Le Thanh Long, CEO of AFA Group.

Investor anticipation is high, with recent market rallies led by banking, securities, and real estate stocks. Still, one expert noted that the IPO would not significantly impact Techcombank’s short-term profit growth outlook. To sustain its current valuation, Techcombank will need to deliver higher EPS growth and diversify its revenue streams.

Another major financial IPO that recently caught investors off guard is the planned listing of VPBank Securities (VPS), a wholly-owned subsidiary of VPBank (99.99%). VPS has shown exceptional growth and is seen as a key part of VPBank’s strategy to build a differentiated financial ecosystem.

The board plans to seek written shareholder approval between August 28 and September 8, 2025, with a shareholder record date of August 28. Sources suggest a 10% stake sale could take place in November 2025. Given VPBank’s track record of high-profile deals — including the sale of FeCredit and stakes in VPBank itself — this IPO is viewed as another potential game-changer for investors.

Beyond financials, other long-anticipated deals include the listing transfer of Masan Consumer (MCH) to HoSE, which has yet to materialize, and Mobile World Group’s (MWG) plan to spin off Bach Hoa Xanh for an IPO.

With Viet Nam’s stock market on track for a potential MSCI upgrade, which could attract USD 6–7 billion in foreign capital, market conditions and liquidity are creating strong momentum for these IPOs to become true “deals of the century.”