Racing to issue shares and go public

In the short term, concerns about the market being "oversaturated" with stocks are completely justified.

While businesses are racing to make initial public offerings (IPOs), list and issue additional shares to increase capital, the overall liquidity of the market is in a state of stagnation.

Oversupply

According to records, in December, a series of famous names have set their "debut" dates or capital increase rights. In particular, the trading session on December 8 is also the non-entitlement day for SSI to close the list of offering more than 415 million shares to existing shareholders at a ratio of 5:1.

With the offering price of VND15,000/share, SSI expects to raise more than VND6,200 billion. If including the private issuance of more than 104 million shares at the end of August, SSI's charter capital after this issuance will exceed VND24,900 billion, temporarily regaining the top position in charter capital in the securities industry.

The previous session was the ex-dividend trading day of VIC shares, before Vingroup Corporation closed the shareholder list to issue 3.85 billion bonus shares to existing shareholders.

A series of stock offerings and issuances have sucked a large amount of money out of the market.

Not to be outdone, the Ho Chi Minh City Stock Exchange (HoSE) has just announced that December 11 will be the first trading day for VPBank Securities Company (VPBankS, code VPX). With 1.875 billion listed shares and a reference price of VND33,900/share, VPBankS's capitalization upon listing will reach approximately VND64,000 billion. Notably, thanks to Decree 245/2025, VPBankS took less than 30 days after the IPO to list its shares, significantly shortening the process compared to the previous 3-6 month process.

Previously, at the end of October, another "big guy" - Techcom Securities Company (TCBS, code TCX) - also listed more than 2.31 billion shares on HoSE after a short time of IPO. With a reference price of 46,800 VND/share, TCBS's capitalization reached more than 108,000 billion VND right on the debut session. In addition, the market is also "holding its breath" waiting for VCK shares of VPS Securities Company to be officially listed after being granted a code.

Not only the securities group, the banking industry has also joined the race to attract capital. Specifically, the Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank , code CTG) has just announced that it will close the shareholder list on December 18 to issue nearly 2.4 billion shares to pay dividends, becoming the largest stock dividend payment in the banking industry in 2025.

Cash flow is "locked"

The appearance of billions of new shares should have brought excitement to the market, but in reality, it recorded mixed developments. Market liquidity remained hovering around VND20,000 billion/session, far below the record level of VND50,000 - 80,000 billion in the middle of the year, when there were no new issuances or listings.

Explaining this phenomenon, Mr. Tran Quoc Toan, Director of Branch 2 - Headquarters of Mirae Asset Securities Company (MAS), said that concerns about the market's "oversupply" of stocks are completely grounded. In the context of not-so-abundant investment capital, the inflow of tens of thousands of billions of VND into IPOs and additional issuances has put direct pressure on liquidity.

"The cash flow is dispersed - instead of flowing into secondary transactions (daily trading) to support the index, cash is "sucked" into primary issuance transactions. This causes the market to fall into a state of short-term liquidity shortage" - Mr. Toan commented.

Sharing the same view, Dr. Ho Sy Hoa, Director of Research and Investment Consulting at DNSE Securities Company, pointed out that billion-dollar IPO deals such as those of VPBankS, VPS or TCBS have attracted a large number of individual investors.

For example, in the VPS IPO, individual investors accounted for 98% of the interest. However, after paying for the IPO, investors had to wait for the shares to be listed before they could trade. This waiting period caused the cash flow to be temporarily "frozen" and unable to return to the market.

Source: https://nld.com.vn/dua-nhau-phat-hanh-co-phieu-len-san-19625120822063386.htm