The IPO wave is back: Upcoming $40 billion worth of "mega" deals are expected to hit the HoSE exchange.

A series of stocks preparing for IPO and listing.

The stock market has been noticeably more active this year after many years of stagnation, thanks to IPOs (initial public offerings) and listings.

Earlier this year, Vinpearl's VPL shares were officially listed on the HoSE with a reference price of 71,300 VND per unit. With many positive trading sessions, by the end of November, Vinpearl had surpassed many other major companies to enter the top 10 listed companies with a market capitalization exceeding 1 billion USD.

Following Vinpearl, several other real estate companies also listed on the HoSE, such as CRV shares of CRV Real Estate Group Joint Stock Company (the investor of a series of projects in Hai Phong ); and NTC shares of Nam Tan Uyen Industrial Park Company.

The market also witnessed the entry of several stocks in the financial sector, such as Techcombank Securities (TCX) and VPBank Securities (VPX), which joined the HoSE exchange with reference prices of VND 46,800/unit and VND 33,900/unit respectively. On December 16th, VCK shares of VPS Securities Company also officially began trading on the HoSE with a reference price of VND 60,000/unit.

In the automotive and motor vehicle business sector, VVS shares of Vietnam Machinery Development Investment Company have also just been listed at 58,000 VND per unit.

In the agricultural and processed food sector, HoSE also recently welcomed 35 million AFX shares of An Giang Agricultural and Foodstuff Import-Export Company. The reference price on the first trading day was 11,300 VND/share. Similarly, An Giang Fruit and Vegetable Foodstuff Company (Antesco) is also preparing to list ANT shares on the HoSE.

Another transaction in this sector is underway: Hoa Phat Agricultural Development Company (a subsidiary of Hoa Phat Group) plans to offer up to 30 million HPA shares and expects to file for listing on the HoSE early next year.

In the manufacturing sector, Ton Dong A also wants to transfer more than 149 million shares from UPCoM to HoSE.

In the consumer sector, Masan Consumer plans to transfer more than 1 billion shares to the HoSE by the end of this year or early next year, with a market capitalization of approximately $5.7 billion.

Several other companies are also awaiting listing approval after having their applications received, such as Regal Group (stock code: RGG) and Gia Lai Hydropower Company (stock code: GHC).

Furthermore, many other major players in the industry have also hinted at plans for IPOs or listing their shares on the stock exchange, such as the Bach Hoa Xanh and Dien May Xanh chains of The Gioi Dien May Group, Highlands Coffee, and the two subsidiaries Hung Thang Loi Gia Lai and Gia Suc Lo Pang of Hoang Anh Gia Lai.

The moment when "gold" creates momentum to attract $40 billion.

At a recent event, Ms. Nguyen Nam Anh, Director of the Listing Management Department at HoSE, stated that in the first 11 months of the year, the exchange recorded 9 new listed stocks. By the end of the year, HoSE expects to have an additional 7 listed stocks, including 4 IPOs linked to listing. This group of businesses includes leading securities companies, agricultural producers, some companies transferring from UPCoM to consumer goods distribution, and some agricultural import-export businesses.

The listing of diversified companies is seen as "filling a gap" in the stock market, as the market capitalization of listed companies currently belongs largely to the real estate and financial sectors. One expert believes that with greater diversification of industries, investors will have more opportunities to expand their portfolios and acquire innovative and groundbreaking investments.

One of the factors driving the recent wave of IPOs and stock listings is a series of reforms in regulatory procedures. Most notably, Decree 245/2025 shortens the time required to list shares after an IPO from 90 days to 30 days, aiming to increase investor protection and enhance the attractiveness of these issuances.

A business leader stated that this improvement has a positive impact, providing strong impetus for companies planning to list, as the entire process can be completed in about three months. He predicted that the market will maintain its positive momentum next year, especially if regulators continue to introduce new trading products, thereby improving liquidity and strongly attracting international capital flows.

Another reason is that when the Vietnamese stock market is upgraded, billions of dollars in capital from foreign investment funds are expected to flow in strongly. This group of investors usually prioritizes large-scale, industry-leading companies with a market capitalization of billions of dollars. Therefore, the current period becomes a crucial time for domestic companies to list, strengthen their capabilities, increase transparency, and seize the opportunity to attract foreign capital.

Experts at the multi-billion dollar foreign investment fund Dragon Capital predict that in the coming period, the market's focus will be on the timing and scale of foreign capital inflows when Vietnam is included in the FTSE index next year, alongside the reform process aimed at officially upgrading its status.

Another significant milestone is the upgrade of the country's credit rating to "Investment Grade," which is expected to help lower the cost of capital, increase the attractiveness of the bond market, and attract more capital from global institutional investors.

Furthermore, the fund predicts that the IPO portfolio will reach over $40 billion between 2026 and 2028, which is seen as a major driving force in adding quality supply to the market. The combination of these factors is expected to transform Vietnam from a fast-growing frontier market into an important investment destination among emerging markets worldwide.

Source: https://dantri.com.vn/kinh-doanh/lan-song-ipo-tro-lai-sap-co-40-ty-usd-hang-khung-do-bo-san-hose-20251212101620309.htm