What can we see from the IPO "fever" of VPBank Securities and TCBS?

(Dan Tri) - VPBank Securities and TCBS both plan to list their shares for the first time (IPO), in the context of an excited stock market, VN-Index conquers a new peak.

VPBank Securities prepares for IPO

Bloomberg reported that VPBank is preparing an initial public offering (IPO) for its subsidiary, VPBank Securities (VPBankS). This may be implemented in the fourth quarter, but details on the scale and timing are still under discussion and may change depending on the situation.

According to Reuters, VPBank may conduct an IPO of 10% of VPBankS shares this time. VPBankS has a charter capital of VND15,000 billion (USD570 million).

This morning (August 19), VPBank's VPB stock hit the ceiling early, to 34,200 VND/unit. Since the beginning of July, this code has skyrocketed, from 18,600 VND to the current level, an increase of about 84%.

VPBank Securities is a member of the financial ecosystem of VPBank. Currently, VPBankS is led by Mr. Vu Huu Dien - Chairman of the Board of Directors and General Director. Mr. Dien is introduced to have nearly 25 years of experience in the financial industry, having worked at Dragon Capital Group as Head of Large Transaction Structure, Member of the Board of Directors, Investment Director of VEIL Fund...

VPBankS's profit grows (Source: VPBankS).

In 2024, VPBankS recorded revenue of VND 2,490 billion, up 128%, and pre-tax profit of VND 1,220 billion, joining the "club of securities companies with trillion-dollar profits" after only 3 years of operation. Margin debt and soaring cash resources contributed to bringing VPBankS' total assets at the end of the second quarter to VND 50,901 billion, nearly double the beginning of the year.

TCBS also plans IPO

Previously, Techcom Securities Joint Stock Company (TCBS) also announced the initial public offering of 231 million shares, equivalent to 11.1% of capital. Accordingly, the charter capital will increase from VND20,801 billion to VND23,113 billion.

The IPO price is 46,800 VND/share. The expected implementation period is from the third quarter of this year to the first quarter of next year.

The IPO will be distributed through TCBS itself and designated agents SSI Securities and Ho Chi Minh City Securities (HSC). Investors can register to buy a minimum of 100 shares and a maximum of 115.56 million shares.

TCBS plans to use 70% of the proceeds to invest in securities trading activities (including but not limited to investing in stocks and bonds). The remaining 30% will be invested by the company in securities brokerage activities, margin trading, and advances for securities sales.

TCBS is a subsidiary of Techcombank , with 88.7% of its capital owned by this bank as of June 30. The company is currently the unit with the highest charter capital in the securities industry, as well as the largest profit in recent quarters.

In the second quarter of 2025, the company reported a pre-tax profit of VND1,733 billion, up 7.6% over the same period last year. This is also a record profit that this enterprise has achieved. As of June 30, TCBS had loans of about VND33,805 billion, up 30.4%, the highest ever. Of which, outstanding margin loans were at VND33,192 billion.

At Techcombank's annual general meeting of shareholders this year, Mr. Ho Hung Anh, Chairman of Techcombank, shared that the TCBS IPO is going well and could be implemented by the end of the year. "There are two big investors who want to join us," Mr. Hung Anh said.

The process of selling the securities company's capital depends on the conditions of the stock market and macro issues. This businessman said that TCBS must calculate to use money reasonably, ensure the interests of shareholders and maintain a high return on equity (ROE).

Just ahead of TCBS’s IPO, Dragon Capital Investment Fund has completed the signing of an agreement to become TCBS’s first foreign fund shareholder. Among the funds participating in the agreement is Vietnam Enterprise Investment Limited (London Stock Exchange: VEIL).

In what context do securities companies IPO?

This year, the Vietnamese stock market celebrates 25 years of operation and is considered to face many new opportunities.

Over the past 25 years, the market has made remarkable progress in terms of legal framework, market structure, scale, liquidity, quality, transparency, efficiency and international integration. From 2 enterprises listed on HoSE on the first day, the market now has over 1,600 participating enterprises, with capitalization reaching nearly 100% of GDP.

The stock market has also become an important medium and long-term capital mobilization channel for the economy and economic organizations, especially an attractive investment channel with more than 10 million domestic and foreign investor accounts.

Securities are still an attractive investment channel for domestic and foreign investors. Since the beginning of the year, the number of securities accounts has continuously increased in the context of VN-Index reaching an all-time high. In the past 7 months, the market has added nearly 1.2 million accounts, most of which belong to individual investors.

VN-Index easily conquered the 1,600 point mark. Market liquidity exploded in many sessions, with a peak trading day exceeding VND83,830 billion. Cash flow into stocks was unprecedented.

This year is also the year that investors and participants have high expectations for the story of upgrading from a frontier market to an emerging market. According to many forecasts, the market may be officially upgraded in the assessment period this September. If upgraded, the passive and active capital flows into Vietnam are estimated to reach about 3-7 billion USD.

However, upgrading is not the final destination, but how to maintain the ranking and aim for a higher ranking, how to make the Vietnamese stock market increasingly transparent, fair, and fulfill its function as a channel to attract and allocate medium and long-term capital for the economy? Therefore, the market needs to solve the problem of goods for foreign investors to enter after being upgraded.

One of the key tasks of the securities industry, as stated by Minister of Finance Nguyen Van Thang at a recent conference, is to create favorable conditions for organizations and individuals to participate in the market; improve the quality of goods, diversify products and services on the securities market...

Therefore, the IPO of securities companies, and more broadly, many other stock listings of enterprises on the stock exchange, set expectations for a new period of brilliant development of the market.

Source: https://dantri.com.vn/kinh-doanh/thay-gi-tu-con-sot-ipo-cua-chung-khoan-vpbank-tcbs-20250819123030316.htm