The push to unlock the wave of billion-dollar IPOs on the stock market

Photo caption — Customers transact at the headquarters of Bao Viet Securities Company. Photo: Tran Viet/VNA

Linking IPO activities with stock listing

At the Conference to disseminate the amended and supplemented contents of the Securities Law and detailed implementing regulations organized by the State Securities Commission (SSC) in coordination with the Japan International Cooperation Agency (JICA) on October 16 in Ho Chi Minh City, Mr. Hoang Van Thu, Vice Chairman of the SSC, emphasized the particularly important role of Decree No. 245/2025/ND-CP in the system of documents guiding the implementation of the amended Securities Law (Law No. 56/2024/QH15).

According to Mr. Hoang Van Thu, a highlight of the new legal regulations is the innovation of the content related to the registration dossier of public companies and initial public offerings (IPO) associated with listing procedures. This is considered a remarkable breakthrough, and also an important solution to implement the project to upgrade the stock market that the Prime Minister has just approved.

A representative of the Securities Offering Management Board (SSC) said that previously, the registration dossier for listing shares included documents such as the Enterprise Registration Certificate and the amended Securities Registration Certificate issued by the Vietnam Securities Depository and Clearing Corporation (VSDC). Therefore, the Stock Exchanges (SGDCK) only considered the listing registration dossier of the enterprise after the enterprise completed the IPO offering and checked the financial conditions at the time of registration. This led to the situation that enterprises often had to wait from 6 to 12 months to be able to list shares after the IPO.

With the new regulation, this process is shortened to two steps: Preliminary assessment of financial conditions upon submission of documents, and official review after completion of the IPO. In particular, the requirement to submit a securities registration certificate in the listing dossier has also been abolished, allowing businesses to conduct procedures at VSDC and SGDCK at the same time.

The listing period after IPO has also been shortened from 90 days to just 30 days. If the company fails to list its shares within this period, it will be delisted. This is a change that is highly appreciated in increasing market discipline and ensuring investor rights.

In addition, Decree No. 245/2025/ND-CP also focuses on improving the quality of listed goods: tightening conditions on capitalization, the ratio of small shareholders and the commitment of internal shareholders. At the same time, supervision, violation prevention and administrative procedure reform are also promoted, creating a transparent environment in line with international practices.

With these strong improvements, Decree 245/2025/ND-CP is considered to not only remove long-standing technical bottlenecks but also create a favorable legal foundation for businesses to mobilize capital and expand their operations through the stock market channel.

Paving the way for businesses to list quickly

Although Decree 245/2025/ND-CP has only been effective since September 11, 2025, it has quickly shown strong practical impacts, especially in shortening the IPO and stock listing process of enterprises. Among the deals that directly benefit from the new policy, VPBankS is a typical example.

On October 1, after being granted a Certificate of Public Offering of Shares by the State Securities Commission, VPBankS announced its public offering of shares at a price of VND 33,900/share and a quantity of 375 million units.

The total value of capital mobilized is expected to reach nearly VND 12,713 billion - becoming one of the largest IPO deals in the history of the Vietnamese securities industry. At this offering price, VPBankS is valued at about VND 63,562 billion (more than USD 2.4 billion) after the IPO. The registration period is from 8:00 a.m. on October 10 to 4:00 p.m. on October 31, 2025.

In particular, VPBankS aims to list shares on HOSE in December 2025, just 2 months from the time of IPO announcement - a speed that is difficult to achieve before Decree 245 takes effect.

According to Mr. Vu Huu Dien, General Director of VPBankS, new regulations in Decree 245/2025/ND-CP are helping VPBankS' IPO and stock listing roadmap to take place more quickly.

Under the old regulations, enterprises had to wait at least 90 days after being approved for listing before being able to put their shares into trading. However, Decree 245 has shortened this time to only 30 days, and at the same time allows simultaneous coordination between the State Securities Commission and the Stock Exchange in the approval process - instead of following the previous sequential order.

Thanks to the new legal framework, VPBankS proactively submitted IPO and listing documents to both the State Securities Commission and HOSE early, helping to maximize time efficiency and minimize delays in the process of bringing shares to the market.

Previously, Techcom Securities Joint Stock Company (TCBS) also recorded outstanding IPO and listing progress when taking advantage of Decree 245/2025/ND-CP which took effect in September. According to the plan, TCBS's TCX shares will officially trade on HOSE from October 21, 2025, just over a month after completing the IPO - a clear demonstration of the effectiveness of the new policy.

Not stopping at the financial group, the IPO wave is showing signs of spreading to the fields of technology, manufacturing, logistics and industrial real estate. Dragon Capital estimates that Vietnam's IPO portfolio could reach more than 40 billion USD in the period 2026-2028. Many leading enterprises are currently actively completing their dossiers to take advantage of favorable opportunities from the new policy environment.

According to Mr. Hoang Nam, Director of Research and Analysis at VietCap Securities Company, Resolution 68 of the Government on private economic development is an important driving force for growth in the medium and long term. However, to realize the leading role, leading enterprises will need to mobilize a significant amount of capital. In that context, the stock market is expected to become an effective and sustainable capital mobilization channel.

“This wave of IPOs has received clear support from the policy framework. In particular, Decree 245/2025 has shortened the time from IPO to listing from 90 days to 30 days, thereby creating favorable conditions for businesses to access capital more quickly,” said Mr. Hoang Nam.

Experts say the new IPO mechanism not only helps businesses save on opportunity costs, but also increases transparency and credibility with investors. The parallel approval process also helps the market receive more quality products in a shorter period of time – an important factor in the context of recovering liquidity and investment cash flow returning to the group of basic stocks.

However, to take advantage of this, businesses need to carefully prepare legal documents, management apparatus and transparent financial communication plans to simultaneously meet the requirements of management agencies and expectations from the market...

Source: https://baotintuc.vn/thi-truong-tien-te/cu-hich-mo-khoa-lan-song-ipo-ty-do-tren-thi-truong-chung-khoan-20251016171352669.htm