A series of large enterprises are ready to go public, the IPO market is bustling again

(Dan Tri) - The last months of the year mark the return of the IPO and "moving house" wave, when many businesses have submitted documents and planned to move to the HoSE floor, taking advantage of opportunities from the capital market.

Financial enterprises valued at billions of dollars

Sharing at the VPX stock introduction session on the afternoon of October 16, Mr. Vu Huu Dien - General Director of VPBank Securities Joint Stock Company (VPBankS) - said that the company will offer 375 million shares, at a price of VND33,900/share. VPBankS plans to raise nearly VND12,713 billion through the initial public offering (IPO).

Mr. Dien believes that this deal will set a new record for the scale of the offering in the Vietnamese securities industry. This capital will not only expand the margin lending space but also increase the company's competitive strength. After the IPO, VPBankS's valuation is estimated at VND63,562 billion (equivalent to USD2.4 billion).

"At this offering price, VPBankS is valued at a projected P/E of 14.3 times in 2025 and a P/B of 2.4 times, lower than the industry average of 23.1 times and 2.7 times, respectively," Mr. Dien explained.

Previously, VPS Securities Joint Stock Company issued a resolution to adjust many contents in the IPO plan that had been announced. Specifically, the minimum offering price was raised from VND22,457/share to VND60,000/share, applied to more than 202 million shares preparing for IPO.

If all 202.31 million shares are successfully offered at a minimum price of VND60,000/share, VPS Securities estimates that it will collect more than VND12,100 billion. Accordingly, the enterprise's valuation will reach nearly VND89,000 billion, equivalent to about USD3.4 billion.

Meanwhile, the Ho Chi Minh City Stock Exchange (HoSE) announced that more than 2.31 billion TCX shares of Techcom Securities Joint Stock Company will be officially listed from October 21, with a reference price of VND46,800/share and a fluctuation range of 20%.

Previously, TCX announced the results of registration to buy and the plan to handle odd shares in the IPO of more than 231 million shares. This transaction helped Techcom Securities increase its charter capital from VND20,801 billion to VND23,133 billion, and at the same time expand its shareholder structure to nearly 27,000 investors.

With the offering price of VND46,800/share for more than 231 million shares, Techcom Securities raised about VND10,800 billion, thereby achieving a valuation of about USD4.1 billion after the IPO.

Mr. Vu Huu Dien - General Director of VPBankS - shared at the event (Photo: Organizing Committee).

A series of high-profile deals worth looking forward to

Another notable IPO is that of Hoa Phat Agricultural Development Company (HPA) - a subsidiary of Hoa Phat Group (stock code: HPG). The company has filed for an IPO and is expected to list on the HoSE in December this year. HPA plans to offer a maximum of 30 million shares, equivalent to 11.7% of its charter capital, at a price not lower than its book value of VND11,887/share.

Gelex Infrastructure Joint Stock Company is also in the process of preparing for IPO. According to the plan, Gelex Infrastructure will offer about 100 million shares, equivalent to 12% of charter capital. With the expected price of 28,000-30,000 VND/share, the company can mobilize about 3,000 billion VND to invest in infrastructure real estate projects.

Gelex Infrastructure is expected to be approved for an IPO this October, with the auction taking place in the last two months of the year. The shares could be listed as early as January 2026 and as late as the second quarter of 2026.

In the manufacturing sector, Ton Dong A Joint Stock Company is planning to transfer 149 million shares from UPCoM to HoSE. In the consumer sector, Masan Consumer plans to list more than one billion shares on HoSE by the end of this year or early next year, with an estimated capitalization value of up to 5.7 billion USD.

Many businesses plan IPOs (Photo: Vietcap).

What makes businesses rush to conduct IPOs?

Talking about the reason why many businesses are simultaneously conducting IPOs at the present time, Mr. Hoang Nam - Director of Research and Analysis, Vietcap Securities Company - said that FTSE Russell's official confirmation of upgrading Vietnam from the frontier group to a secondary emerging market is a factor with a strong impact.

“The upgrade not only brings a positive signal to listed enterprises but also creates motivation for enterprises to speed up the IPO process,” said Mr. Nam.

According to securities experts, another fundamental factor is Resolution 68 of the Politburo, which identifies the private economy as an important growth driver of the economy. This makes many businesses need to mobilize large capital sources to expand their operations.

The Vietnamese government is also implementing a Market Upgrade Plan, aiming to reach MSCI's "emerging market" and FTSE Russell's "highly emerging" status in the future. This plan includes many strong reforms, notably the central clearing mechanism (CCP) expected to come into operation from 2027.

Experts also predict that from now until 2027, IPO and listing activities will explode with an estimated total value of about 50 billion USD.

Another important reason is the simplification of administrative procedures in the field managed by the State Bank, when the listing approval time is shortened from 90 days to 30 days.

These changes will facilitate faster entry of small and medium-sized banks into the market, contributing to the expansion of the stock market's commodity scale.

Source: https://dantri.com.vn/kinh-doanh/loat-doanh-nghiep-lon-san-sang-len-san-thi-truong-ipo-soi-dong-tro-lai-20251016211013082.htm