How are the "super" stocks listed at over 200,000 VND doing now?

(Dan Tri) - F88 is about to go public with a price of 634,900 VND/share, attracting attention. Previously, many businesses went public with sky-high reference stock prices.

F88 debuted on the stock exchange at a price of 634,900 VND per share.

The Hanoi Stock Exchange recently announced that shares of F88 Investment Joint Stock Company (stock code: F88) will officially begin trading on the UPCoM market from August 8th.

Notably, the reference price on the first trading day was set at VND 634,900 per share, equivalent to a market capitalization of VND 5,244 billion. This price is quite high compared to the current market price of financial stocks on the stock exchange.

In a previous statement, Mr. Phung Anh Tuan - the founder and Chairman of the Board of Directors - also said that the company aims to achieve a market capitalization of approximately 1 billion USD when it lists on the Ho Chi Minh City Stock Exchange (HoSE) in 2027.

F88 was established in 2013 and is presented as a pioneer in the secured lending model serving small and micro enterprises, as well as individual customers in Vietnam.

This business model originated from the founder's own circumstances; Mr. Tuan himself had faced financial hardship due to unsuccessful previous business ventures and had to scramble for loans. From that experience, Mr. Tuan recognized the potential of providing streamlined loan solutions for individuals and businesses.

Regarding business results, F88's revenue has grown continuously, and the company has reported profits since 2018. In 2023, F88 unexpectedly incurred a record loss. In 2024, profits recovered strongly to 362 billion VND.

In the second quarter of 2025, the company recorded revenue of VND 925 billion – a 30% increase – and pre-tax profit of VND 189 billion, a 220% increase compared to the same period last year. This result stemmed from a 47% increase in loan disbursements and a 45% increase in outstanding loan balances, coupled with continued discipline in risk management.

F88's revenue over the years (billion VND)

F88's profits over the years (billion VND)

In fact, F88 is not alone; many businesses have gone public with incredibly high initial offering prices, attracting attention. However, the market price after listing quickly adjusts, depending on market conditions and the supply and demand of transactions.

What happened to those "super stocks"?

In the same financial sector, Techcombank listed on the HoSE in 2018 with the ticker symbol TCB. The reference price on the first trading day was 128,000 VND/share - the highest price among bank stocks at that time. At this price, the bank's market capitalization reached 149,000 billion VND.

After about 7 years, the price of TCB shares has now adjusted to 34,100 VND/share. It is known that after listing on the stock exchange, Techcombank increased its charter capital sixfold, currently reaching 70,450 billion VND.

In other sectors, the most recent example is the IPO of VNG Corporation. In January 2023, nearly 36 million VNZ shares were listed on UPCoM with a reference price of 240,000 VND per share on the first day, corresponding to a valuation of nearly 350 million USD.

Later, VNZ's share price briefly surpassed 1 million VND per share, making it the most expensive stock on the market. However, the current VNZ share price has adjusted to 415,600 VND per share.

VNZ stock transaction (Screenshot).

Equally noteworthy is the YEG stock of Yeah1 Group Joint Stock Company. First listed on the stock exchange in June 2018, the company announced an initial offering price of 250,000 VND per share.

At that time, Yeah1 became a hot topic in the financial world as the first television and entertainment company to be listed on the stock exchange. At the end of its first trading session, YEG even reached 300,000 VND per share.

Following the abrupt termination of its contract with YouTube, Yeah1's business has fallen into crisis, leading to a sharp drop in its share price. Currently, the YEG stock is only 13,900 VND per share.

Yeah1's YEG stock transaction (Screenshot).

In 2019, the Printing and Publishing of Statistical Forms Company Limited also listed its shares on the stock exchange under the ticker symbol IPH, with a reference price of 411,000 VND/share on the first trading day. However, in the very first trading session, IPH plummeted to the floor price of 246,600 VND/share and continued to experience sharp corrections.

In April 2022, IPH received a decision to cancel its trading registration on the grounds that the company, as a privatized enterprise, had registered for trading on the UPCoM trading system before the Securities Law No. 54/2019/QH14 came into effect, but had not yet been confirmed by the State Securities Commission as having completed the registration of a public company, thus falling under the case of cancellation of trading registration.

Source: https://dantri.com.vn/kinh-doanh/cac-sieu-co-phieu-chao-san-voi-gia-tren-200000-dong-gio-ra-sao-20250803155023976.htm