TCBS sets expected IPO price at VND46,800/share, valued at more than...

Techcom Securities Joint Stock Company (TCBS) has just announced the Board of Directors' resolution on the initial public offering (IPO) price, expected to be VND46,800/share. With a maximum volume of 231.15 million shares - equivalent to 11.1% of current charter capital, TCBS expects to mobilize nearly VND11,000 billion, increasing its equity by about 35%.

TCBS sets expected IPO price at 46,800 VND, shares valued at over 37 billion USD

"Moderate" valuation, great growth potential

With the above offering price, TCBS is valued at about 3.7 billion USD before the IPO and is expected to have a capitalization of 4.1 billion USD after the issuance - about 20% away from the target of 5 billion USD by the end of 2025.

The P/E ratio calculated based on 2025 expected earnings is around 20 times, which is considered low compared to TCBS's leading position in the industry. Meanwhile, according to Fiinpro, securities companies are currently trading in the P/E range of 20-25 times.

Many experts believe that this valuation does not fully reflect TCBS's outstanding advantages, including:

The modern WealthTech model focuses on wealth management – a field with greater potential than traditional stocks.
Leading position in the securities industry in terms of equity, profit, bond market share, margin lending...
Potential to expand into new areas such as digital assets, structured products, P2P lending, etc.

Favorable market, strong cash flow returns

TCBS's IPO comes amid a strong growth cycle for the Vietnamese stock market. The VNIndex has increased by more than 18% in the first half of 2025, reaching 1,557.42 points - the highest since the market's inception. Trading volume also hit a historic peak of VND70 trillion on July 29.

Not only domestic cash flow, foreign investment funds are also closely monitoring TCBS's IPO, especially in the context of the Securities Law allowing enterprises to proactively expand foreign ownership ratio.

Aiming for year-end listing, expanding growth potential

TCBS aims to list by the end of 2025, expecting to attract interest from long-term investors thanks to its efficient operating model, modern technology, high governance standards and wide growth potential.

With a modest P/E valuation compared to the industry average and many strategic factors not fully reflected, TCBS is considered a potential candidate that can create waves after listing - especially when compared to other leading enterprises in the industry, which often have valuations 20-30% higher than average.

Source: https://baolamdong.vn/tcbs-chot-gia-ipo-du-kien-46-800-dong-co-phieu-dinh-gia-hon-3-7-ty-usd-386442.html