F88 shares surged to the ceiling price on their debut day on the UPCoM exchange.

Upon opening, F88 shares surged by the maximum allowed limit of 40%, reaching 888,800 VND per share. This event marked the first time a pawnbroker lending company in Vietnam was publicly listed and traded on the stock exchange. Not only is this a significant step towards greater transparency, but F88's listing also sets a new standard for the operation of legal pawnbroking businesses in particular and the entire alternative finance industry in general – a sector that has historically faced prejudice and limitations in access to capital.

Previously, on May 6, 2025, F88 was confirmed by the State Securities Commission as a public company, eligible to register for stock trading according to legal regulations. At the time of listing, F88's charter capital was over VND 82.6 billion, corresponding to more than 8.26 million outstanding shares. The company also received approval for a plan to issue bonus shares from capital surplus at a ratio of 1,200%, raising the expected charter capital to over VND 1,100 billion. This is an internal capital restructuring activity, which does not dilute shareholder rights, in preparation for a new growth phase consistent with its operational scale.

With a reference price of VND 634,900 per share on its first trading day, F88 currently has the highest listed market capitalization across all three stock exchanges.

“Officially trading on UPCOM is not only a milestone in F88's development but also a pioneering step, opening up a new standard of transparency for the alternative finance industry in Vietnam. This is also an important step in preparing for access to publicly available capital, to serve larger and longer-term business plans in the future. F88 clearly understands that participating in the capital market is not only for greater transparency but also a financial impetus to help the business expand its scale, raise operational standards, and move closer to its goal of listing on HOSE in the future, ” shared Mr. Phung Anh Tuan, Chairman of the Board of Directors of F88.

According to a thematic report published by FiinGroup in June 2025, the outstanding loan balance of the Vietnamese pawnshop market in 2024 is estimated at 200 trillion VND, equivalent to 8 billion USD. Of this, "new generation pawnshop" businesses like F88 currently hold approximately 3.2% of the market share, indicating significant growth potential for F88 in this sector. Another notable point is that while the number of traditional pawnshops is declining, the number of new generation pawnshops integrating technology, centralized management, and diverse products is rapidly increasing.

To date, F88 operates 888 stores in 34 provinces and cities nationwide, accounting for approximately 70% of the total number of new-generation pawn shops in the country. The company aims to reach 1,000 transaction points by 2026 and 2,000 stores by 2030. Besides secured lending products, the company is also actively developing microinsurance and correspondent banking services. Through a strategic partnership with Military Commercial Joint Stock Bank ( MBBank ), F88 is gradually building a "modern financial transaction office" model providing basic services such as customer identification, deposit/withdrawal, money transfer, loan referral, collection and disbursement services, etc.

Hiep Duc

Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/co-phieu-f88-tang-kich-tran-ngay-do-bo-san-upcom/20250808052249252