Vietnam’s IPO revival gains momentum

In the securities arena, Techcom Securities has set the tone with a landmark initial public offering (IPO) launched in early Q3. The company offered 231.15 million shares at $1.87 apiece, valuing it at approximately $432 million.

Demand quickly outstripped supply. From August 19 to September 8, investors registered to purchase 575.16 million shares – 2.5 times the volume on offer. The total registered value climbed to $1.08 billion, fuelled by strong interest from global investment funds across several continents.

This response, according to Techcom Securities’ official announcement, underscores its market appeal and validates the wealthtech model it has pioneered in Vietnam. With shares scheduled for listing in Q4, expectations are high for both liquidity and valuation. To manage demand, the firm will apply a pro rata allocation rate of 40.18 per cent.

VPBank Securities (VPBankS) in early September announced a resolution of its general meeting of shareholders approving plans for an IPO and registration to list its shares on either the Ho Chi Minh City Stock Exchange or Unlisted Public Company Market, depending on the outcome of the offering.

Under the plan, VPBankS expects to issue up to 25 per cent of its outstanding shares to both domestic and foreign investors, equivalent to 375 million shares. Following the offering, the company’s total shares would rise to a maximum of 1.875 billion units, with charter capital increasing from $600 million to $750 million.

If fully subscribed, VPBankS would move into third place among Vietnamese securities companies by charter capital.

Other players are also stepping up efforts to strengthen their financial base. In July, Kafi Securities received approval to amend its 2025 capital-raising plan. The company intends to issue 250 million shares to existing shareholders via a rights offering. The transaction is expected to take place during 2025.

At an offering price of about 40 US cents per share, the issuance could raise an estimated $100 million. If completed, Kafi Securities’ charter capital would increase from $200 million to a maximum of $300 million.

Beyond financial services, a number of infrastructure and retail companies, including Gelex Infrastructure, C.P. Vietnam, Highlands Coffee, and spin-offs from Mobile World Group’s retail chains, are also being closely watched for potential IPOs.

Corporate medium and long-term strategies indicate a substantial pipeline ahead, with Long Chau Pharmacy, Viettel IDC, Meey Group, and EST Vietnam among the expected candidates. A potential rebound in the real estate sector could further support IPO momentum, particularly among enterprises within major conglomerates and ecosystems, as they seek to raise capital, enhance governance and transparency, and expand scale and corporate value.

Financial specialist Tran Phuoc Huy noted that many large groups are listing subsidiaries because of dual benefits.

“On one hand, IPOs mobilise new capital for expansion, reducing the burden on parent companies. On the other hand, they attract strategic investors who contribute funding and also governance and technological expertise. This strengthens transparency, competitiveness, and integration into global capital markets,” Huy told VIR.

He expects the trend to continue over the next 2-3 years as capital requirements increase. “An IPO is not just a funding channel but also a strategic restructuring tool. It compels subsidiaries to improve governance, strengthens corporate credibility, and ensures access to long-term capital, thereby supporting sustainable group-wide growth,” he added.

Le Hong Khang, director of analysis at FiinRatings, noted that several recent trading sessions have exceeded $2 billion in value, creating an ideal environment for companies to raise medium and long-term funds. For commercial banks, he said, share issuance could reduce reliance on bonds and provide a more sustainable boost to Tier 2 capital.

“The participation of large, well-performing enterprises in IPOs deepens the market as well as diversifies and improves the quality of listed securities, an essential factor for attracting foreign capital,” Khang stressed.

Nguyen The Minh, director of Individual Client Analysis at Yuanta Vietnam Securities, said stock valuations remain appealing compared with regional peers. The government’s GDP growth target for 2025 reflects confidence in the economic trajectory, providing companies with a firm platform for listing plans. In parallel, the gradual relaxation of foreign ownership caps in selected sectors and ongoing administrative reforms are widening the door for international capital.

“Sectors drawing the most attention include consumer goods, financial services, tourism and entertainment, and IT. Among these, high technology, underpinned by a young workforce and rapid digital transformation, is emerging as a standout and is expected to play a major role in the next development phase,” Minh said.

International institutions also see strong prospects. In its latest report, Dragon Capital described 2025 as a turning point for an IPO cycle that could last until 2027, supported by stable macroeconomic fundamentals and growing foreign investor interest. It forecast that total IPO value in Vietnam could reach $47.5 billion in the 2027-2028 period.

Deloitte’s report gave a similar view, saying Vietnam’s IPO market still has room to grow. If the country is upgraded to emerging market status, it could attract an additional $6 billion, boosting liquidity, the report said.

Vietnam’s capital market is gaining strong momentum, fuelled by a wave of new listings and board transfers, setting the stage for a vibrant season of initial public offerings (IPOs) ahead.

Highlands Coffee, Vietnam’s leading coffee chain, is ramping up its national footprint and sharpening operations as it eyes a public listing within two years.

Hoa Phat Agriculture Development JSC (HPA) submitted its application for an initial public offering (IPO) to the State Securities Commission on September 16.