VPBankS CEO: Current IPO price does not fully reflect the company's value

The IPO of VPBank Securities JSC (VPBankS) is taking place with the registration period lasting from October 10 to October 31, 2025.

After the registration period ends, the registration results and share allocation will be announced from November 1 to November 2, while the time to receive money to buy shares is from November 3 to November 7, 2025. The company plans to list its shares in December 2025.

With an IPO offering price of VND33,900/share for 375 million units, the total value of mobilized capital is expected to reach nearly VND12,713 billion - becoming one of the largest IPO deals in the history of the securities industry.

At the Roadshow event held in Hanoi on October 16, 2025, VPBankS's leaders expressed their expectations for the growth of the securities company in the overall development of the industry.

Sharing with investors, Mr. Vu Huu Dien, Member of the Board of Directors, General Director of VPBankS, said that the current IPO price does not reflect the true value of VPBankS and is below the value of the company.

This valuation is based on the fact that VPBanks wants a win-win deal for both the securities company and the investor. According to current data, P/E 2025 is only 14.3 times, P/E 2026 is estimated at less than 12 times. Meanwhile, P/B 2025 is less than 2.5 times but by 2026 it will be only less than 1.7 times - these indicators are all lower than the general market level.

“Experienced investors will not only compare P/B, P/E but will also look at future potential. Companies with higher growth rates will be valued higher. VPBankS’ current valuation is relatively attractive but VPBankS’ future growth will be much more promising,” said Mr. Vu Huu Dien.

Compare valuations of securities companies. Source: Vietcap Securities

In addition, VPBankS General Director also informed that on the first day of IPO, there was 6,000 billion VND worth of registered purchases. Of which, Dragon Capital registered to buy 50 million USD and VIX Securities Company registered to buy 2,000 billion VND.

Currently, VPBankS is in the top 3 securities companies with the largest total assets, and is also in the top 3 with the largest margin lending value. The total number of VPBankS securities accounts opened is more than 900,000 accounts and is expected to reach 1 million accounts by the end of the year, equivalent to about 10% of the market and will move up to the Top 10 securities companies with the largest market share. This strong growth of the company is built on its position as a member of the VPBank and SMBC ecosystem.

Based on the foundation of the parent bank and the support of strategic partners, VPBankS aims to become a leading securities company, achieving the highest growth rate in the next 5 years. By 2030, it is expected to be the leader in total assets and pre-tax profit.

These goals are built by VPBankS based on 4 pillars: Investment banking services; Margin lending; Brokerage and Proprietary trading & Financial investment.

Mr. Vu Huu Dien, General Director of VPBankS, shares about the 4 development pillars of VPBankS.

In terms of investment banking, VPBankS is one of the few securities companies that provide One-stop shop services to investors in a short time, can execute bond transactions worth thousands of billions of VND in a short time and provide full services throughout the life cycle of the bond. In the first 9 months of this year, the company's bond market share was nearly 15%.

Regarding margin lending, VPBankS has the advantage of strong borrowing capacity and the ability to provide competitive margin interest rates compared to other companies in the industry. Currently, VPBankS has risen to the third position in the industry in terms of margin debt. The general director of this securities company said that VPBankS' margin lending space is still very large and from now until the end of the year, it is possible to lend an additional VND 13,500 billion. With this growth momentum, the goal of being the leader in margin lending in the next 5 years is very feasible.

Regarding brokerage, at the end of 2024, VPBankS's brokerage market share was only 1.6%, but by the end of September it had reached 2.8%, doubling and almost reaching the threshold to enter the top 10 market share. At the beginning of the year, VPBankS only had 400,000 accounts but now has more than 900,000 accounts and is aiming for more than 1 million accounts by the end of this year.

In the investment and proprietary trading segment, VPBankS currently owns a diversified investment portfolio including corporate bonds (46%), certificates of deposit/deposit contracts, government bonds (more than 30%) and the remaining 20% is stocks. In stock investment, VPBankS also has 3 strategies: First is M&A (VPBankS invests 5%, 10%, 15%, together with the company to create value); Second is PIPE, consulting and participating in buying privately issued stocks of the company; Finally, investing in listed portfolios that VPBankS assesses to have opportunities.

At the same time, VPBank's General Director also informed that in the near future, according to the expansion of the State's policy on digital assets, VPBank is ready to deploy as soon as permitted to serve customers' investment needs.

Source: https://baodautu.vn/ceo-vpbanks-muc-gia-ipo-hien-tai-chua-phan-anh-het-gia-tri-cong-ty-d414482.html