A series of tycoons are bringing their "favorite children" to IPO: Some are hoping for a revival, others are no longer worried about shortages of goods.

(Dan Tri) - The series of businesses that are issuing shares to the public for the first time are all the "darlings" of big companies such as Gelex, Hoang Huy, Haxaco. The Gioi Di Dong, FPT Long Chau, Highlands Coffee are also making preparations.

After a period of silence, a series of large enterprises have begun to prepare for the IPO (initial public offering) of their “favorites” again. This not only reflects the golden time of the stock market, but also helps solve the current problem of “lack of goods”.

Gelex , Hoang Huy, Haxaco... all put their "favorites" on the stock exchange; many parties have intentions

A look at the wave of IPOs that has been booming since the beginning of the year, with attention focused on the plan to IPO and list Gelex Infrastructure, which is considered one of the important growth drivers for GEX shares of Gelex Group Corporation. Gelex Infrastructure is one of the two direct subsidiaries of Gelex Group, along with Gelex Electric Joint Stock Company (Gelex Electric), which has been traded on the stock exchange with the stock code GEE. As of the end of the second quarter of 2025, Gelex directly owned 91.62% of the charter capital at Gelex Infrastructure.

Similarly, for Hoang Huy Financial Services Investment Joint Stock Company (stock code: TCH), its subsidiary CRV Real Estate completed its listing application on HoSE last June. Established in 2006, CRV Real Estate currently owns a series of large projects in Hai Phong with a total investment ranging from nearly VND1,500 billion to VND15,000 billion.

Previously, on August 22, the Vietnamese stock market also welcomed the return of PTM Automobile Manufacturing, Trading and Service Joint Stock Company (stock code: PTM). This is a subsidiary of Hang Xanh Automobile Service Joint Stock Company (Haxaco, stock code: HAX), the enterprise currently leading the market share of Mercedes-Benz car distribution in Vietnam.

In the retail and consumer sectors, a number of large enterprises have also initiated plans to list. Mobile World Investment Corporation (stock code: MWG) plans to separate the two retail chains of phones and accessories, Thegioididong.com and Dien May Xanh, into an independent listed company with the common name MW, with an expected IPO in 2030. The company also does not hide its ambition to IPO shares of the EraBlue chain in Indonesia.

Mr. Nguyen Duc Tai, Chairman of Mobile World, affirmed that he will create more enthusiasm and determination for the next leadership team, helping each chain enter a new development phase and take the group's business segments further in the future. According to him, IPO is also a way to "revive" the chains, opening a period of "stormy" and more interesting growth, with a focus on quality instead of just quantity.

Highlands Coffee chain is also cooperating with international investment banks such as UBS and Jefferies to prepare for IPO in Vietnam. FPT Long Chau Pharmaceutical Joint Stock Company has completed the sale of 10% of its capital to partner Creador SDN Bhd, considering this a step to create a premise for listing on the stock exchange. Or CP Vietnam Livestock Joint Stock Company is also accelerating the IPO process to raise capital to expand its business operations.

The IPO effect has helped company stocks increase sharply since the beginning of the year (Photo: VNDStock).

Securities companies and the "thirst" for margin

Similarly, in the financial sector, VPS Securities Joint Stock Company (VPS) has announced plans to hold an extraordinary general meeting of shareholders in October with the main content being to approve the IPO plan within the year. VPBank Securities Joint Stock Company (VPBankS) is expected to IPO in the fourth quarter of this year.

Techcombank's subsidiary, Techcombank Securities Joint Stock Company (TCBS), has been granted an IPO certificate, planning to issue more than 231 million shares, equivalent to 11.1% of charter capital, at a price of VND46,800/share, valuing the company at about USD3.7 billion. This information has created a boost for TCB shares to grow since the end of April. Since April 26, TCBS shares have increased by more than 52%.

Or KAFI Securities Joint Stock Company plans to increase its charter capital from 5,000 billion VND to 7,500 billion VND, and plans to issue 250 million shares to existing shareholders, which could earn 2,500 billion VND if the IPO is successful....

For the securities companies, IPOs to raise capital are considered necessary in the context of the market size expanding day by day, with liquidity reaching billions of USD per session. Not to mention many parties have run out of “margin room” and need to mobilize capital to expand the scale of customer lending.

Along with that, the group of securities companies also participates in the new field of digital assets. Currently, Vietnam is one of the top countries in the world in terms of ownership and trading of digital assets (about 17 million people, with 1,000 billion USD in transactions in 2024), in which, it ranks in the top 5 in the world in terms of interest in digital assets and top 3 in terms of using international exchanges.

Sharing with Dan Tri reporter, Mr. Nguyen The Minh - Director of Analysis of Yuanta Vietnam Securities Company, this is an extremely attractive "piece of cake" that no securities company wants to ignore. However, the condition to participate in this field is that the enterprise must have a minimum capital of 10,000 billion VND. Therefore, raising capital on the stock exchange through issuance and IPO is one of the tools that companies are focusing on in the current period.

Vietnam's stock liquidity has surpassed Singapore's, ranking second in ASEAN.

Regarding the general IPO picture, according to experts, the period 2025-2030 will be a boom period for capital mobilization through the stock market in Vietnam. According to a prediction, in the period 2025-2027 alone, the total estimated value of new listings could reach 47.5 billion USD. Of which, the consumer group accounts for about 12.8 billion USD, the financial services sector more than 5 billion USD, technology about 4.7 billion USD, and the group of enterprises moving from UPCoM to HoSE contributes about 20 billion USD.

From an expert perspective, Mr. To Hai, General Director of Vietcap Securities, predicted early on that IPO deals would recover by the end of 2025.

According to Mr. Nguyen The Minh, the market has many good conditions for new listings. Looking back, from 2021 to now, we have witnessed very few IPO deals, especially in 2022. The main reason, according to Mr. Minh, is the market, low liquidity. However, liquidity has changed, the capitalization scale of the stock market has accounted for over 50% of Vietnam's GDP. Liquidity has increased from several thousand billion VND to an average of tens of thousands of billion VND, with a sudden session of approximately 3 billion USD.

He pointed out that Vietnam's market liquidity has risen to number 2 in the ASEAN region, just behind Thailand, with 1.09 billion USD. In addition, the current capital structure has changed. If previously, the cash flow in the stock market was mainly from foreign investors and individual investors, now a new "force" related to domestic organizations is taking a large position.

Vietnam's market liquidity has risen to the Top 2 in the ASEAN region (Photo: Yuanta Vietnam).

According to experts, these domestic organizations are manufacturing enterprises. In the difficult business context (especially after the US tax imposition), the parties have been expanding their investment activities. While real estate is frozen, bank deposit interest rates are low, idle capital of manufacturing enterprises tends to shift to the stock market.

Another driving force is related to new mechanisms, especially Resolution 68 and Resolution 198 on diversifying capital sources for the private economic sector. Previously, the main capital flow of enterprises depended on bank credit. However, this capital flow is gradually narrowing, so the need to mobilize other capital channels to expand businesses of enterprises is very large.

And the IPO of member companies will help businesses mobilize capital at low cost. In particular, the Ministry of Finance and the Securities Commission have also actively resolved the listing issue, including shortening the time for listing procedures for businesses.

Solve the problem of "lack of goods"

Sharing the same view, Mr. Truong Hien Phuong, Senior Director of KIS Vietnam Securities Company, said that there are 3 main factors driving the current wave of IPOs of companies. First of all, it is policy. Mr. Phuong especially emphasized 4 new pivotal Resolutions from the Government. In particular, Resolution 68 focuses on promoting the role of the private economy, and many large corporations have responded to this call.

Regarding the market, KIS Vietnam experts pointed out that there has been a strong expansion, and is aiming to be upgraded to an emerging market. As of March, Vietnam is on FTSE's watch list and is assessed by FTSE to be able to be reclassified from a frontier market to a secondary emerging market. The review results will be announced in the next review period, Vietnam is considered one of the potential "candidates".

If upgraded, many large funds will come to Vietnam. Mr. Phuong predicts that it will no longer stop at investment funds worth tens or hundreds of millions of US dollars as at present, many funds with a scale of up to billions of US dollars will invest in the Vietnamese stock market. This is an opportunity that any business, especially large businesses, want to grasp when listing their shares on the stock exchange.

The question is, when the big fund comes, what do we have to sell? At that time, the IPO wave will also solve the problem of "lack of goods" in the current market. Statistics show that most of the potential companies (bluechip groups) have run out of "foreign room", so new names are needed to attract foreign capital. In this context, IPO is a practical activity to create new products for the market.

The effect of increasing pre-IPO stock prices is a stepping stone to be able to carry out deals more effectively (Photo: IT).

Beware of "bitter fruit"

After every IPO, the stock price of the company involved often fluctuates abnormally. And in fact, many FOMO investors have suffered the “bitter fruit”.

Commenting on the stock price increase effect and the potential risk of stock price speculation, Mr. Minh frankly stated that there will be. And not only in Vietnam, in any stock market there will be a stock price increase effect before the IPO. For example, the story of Uber in the US or Grab in the Indonesian market.

According to him, the effect of increasing pre-IPO stock prices is a stepping stone to be able to execute deals more effectively. The story that investors need to care about is how the business uses the raised money afterward and how effectively.

Mr. Minh said that the IPO effect should be viewed in three stages. In the pre-IPO stage, stocks often increase sharply. The next stage is the IPO, after which there will be adjustments, people often say that "the game is over". The final stage is after the IPO, if the company uses the money raised, invests effectively in business, and increases profits, the company's value will grow. As a result, the stock price will increase again.

According to Mr. Phuong, any adjustment is necessary to bring prices to a reasonable level. Adjustments also help relieve the psychology of individual investors, because with overbought stocks, they will be very cautious in disbursing. Commenting on the general market, Mr. Phuong confidently forecasted that the VN-Index could reach 1,800-2,000 points by the end of 2020.

Source: https://dantri.com.vn/kinh-doanh/loat-dai-gia-dua-con-cung-ipo-ben-mong-tai-sinh-ben-het-lo-thieu-hang-20250908144400010.htm