The stock market is witnessing a period of very strong liquidity increase. Each trading session on the HoSE floor averages VND50,000 - 70,000 billion, more than double the average level from 2024 to the first half of 2025. In particular, the expectation of market upgrading in October is becoming an important catalyst for cash flow and investor sentiment.
Along with the excitement of the market, securities companies have begun to make new moves. Some leading securities companies have just announced the holding of extraordinary shareholders' meetings to gather opinions on important issues.
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| IPO plans of securities companies make the market more exciting. Photo: Dung Minh |
Huge IPO deals are brewing
The IPO signal is becoming clearer with new deals. Starting with the IPO of Techcom Securities Joint Stock Company (TCBS) and the opening of the registration portal for investors to buy IPO shares from August 19 to September 8, 2025.
As a securities company with the highest net profit in the industry, TCBS is leading the market in corporate bond issuance consultancy and is in the top 3 in stock brokerage on the HoSE. The company also ranks first in margin lending portfolio size and second in total assets size.
TCBS is offering 231,150,000 common shares at VND46,800/share. With this expected offering price, TCBS is valued at approximately USD3.7 billion before the IPO, becoming the securities company with the highest market capitalization. If the above number of shares are successfully offered, TCBS will earn more than VND10,800 billion.
While investors are still excited about ordering TCBS IPO shares, some information about IPOs is also about to be revealed.
VPBank Securities Joint Stock Company (VPBankS) has just approved the collection of shareholders' written opinions to approve the Resolution of the General Meeting of Shareholders, the collection period is from August 28, 2025 to September 8, 2025. One of the important contents that VPBankS collects opinions on is the IPO plan expected to take place in the fourth quarter of this year. According to information from Reuters, VPBankS may offer 10% of the company's shares in November 2025.
VPBankS is a securities company owned by Vietnam Prosperity Joint Stock Commercial Bank (VPBank). Immediately after the information about VPBankS's planned IPO was revealed, VPBank's VPB shares were bought strongly with the price increasing to the ceiling.
Another piece of information that has also made the market “boil” is that VPS Securities Joint Stock Company has just announced the Resolution of the Board of Directors on convening the 2nd Extraordinary General Meeting of Shareholders in 2025, which is expected to be held in October. It is known that the IPO plan at the end of this year is one of the main contents of this extraordinary meeting.
The actions of securities companies show that the level of competition in the industry is increasingly fierce. The “map” of the securities industry may have many big changes in the near future. 
VPS is a prominent name when it has continuously held the leading position in stock brokerage market share on all Vietnamese stock exchanges from the first quarter of 2021 to present, including both the underlying market and the derivatives market. In 2024, VPS reported a profit of VND 2,518 billion, nearly 4 times higher than the profit in 2023 and achieved the highest profit in its history of operation.
The information that VPBankS and VPS both plan to IPO right after TCBS announced its initial public offering shows the great expectations of securities companies about the market's growth potential in the coming time and this will be the basis for successful offerings.
In the first half of 2025, the IPO market in Vietnam was quite quiet with no “blockbusters” appearing. However, according to Deloitte’s assessment, the Vietnamese market has a lot of IPO prospects. “If successfully reclassified as a secondary emerging market, Vietnam could attract capital flows of up to 6 billion USD, thereby boosting market liquidity and increasing the attractiveness of new IPOs,” Deloitte said.
Meanwhile, policymakers are still working to shorten the IPO process. Ms. Tran Anh Dao, Acting General Director of HoSE, said that the State Securities Commission has a policy of creating better sources of goods, supporting businesses to list on the stock exchange with a new process. Decree No. 155/2020/ND-CP, which is being consulted by the Ministry of Finance for amendment, will link IPO with listing to shorten the time compared to the previous process.
Ready for fierce competition
Along with the IPO plan, securities companies are continuously increasing their capital buffers. On August 13, the "big guy" SSI Securities announced the Resolution of the Board of Directors approving the implementation of the plan to offer individual shares. This plan was approved at the 2023 General Meeting of Shareholders, but has not been implemented and will be resubmitted in 2024 - 2025.
According to the approved plan, SSI will privately offer 104 million shares to professional securities investors at an offering price of VND31,300/share, expected to be implemented in the last two quarters of this year, earning more than VND3,256 billion.
Ho Chi Minh City Securities Corporation (HSC) is also in the process of offering 360 million shares to existing shareholders. The subscription period lasts until September 12, 2025. The company will use 70% of the raised capital to supplement margin lending activities and 30% to supplement capital for proprietary trading activities.
The actions of securities companies show that the level of competition in the industry is increasingly fierce. The “map” of the securities industry may have many big changes in the near future.
Currently, there are 87 securities companies operating in Vietnam, of which 50 are unlisted, 17 are listed on HoSE, 11 are listed on HNX, and the rest are on UPCoM. The top 20 largest securities companies account for 84% of the margin lending market share, of which the top 10 companies account for more than 68% of the brokerage market share at the end of the second quarter of 2025.
Assessing the industry situation, SSI Securities Company said that in the coming time, upgrading the Vietnamese stock market from a frontier market to an emerging market will create a major turning point for the entire financial ecosystem.
When upgraded, Vietnam will not only attract foreign indirect investment flows from large funds, but also promote capital flows from domestic individuals, thereby helping to increase liquidity, improve valuation and enhance market transparency.
Therefore, the securities industry is expected to maintain a positive outlook in the long term. Securities companies with strong capital, strong technology platforms, quick product development, strict risk management and a high-quality human resource team will thrive to seize business opportunities in a changing world .
Source: https://baodautu.vn/thi-truong-tang-nhet-voi-cac-thuong-vu-ipo-khung-d373209.html
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