Vietnam IPOs are gearing up for a transformative phase. The nation’s stock market anticipates several major initial public offerings between 2025 and 2028. This surge echoes the 2016-2018 boom, when large enterprises drove the VN-Index upward. Today, foreign investors eye these opportunities amid Vietnam’s robust economic growth.
Recent data shows Vietnam’s GDP expanding at over 6% annually. This attracts global capital to emerging sectors like securities, agriculture, and infrastructure. As a result, these IPOs could unlock billions in investments. However, regulatory hurdles remain key to success.
Recent Success in Vietnam IPOs: TCBS Leads the Way
Techcom Securities (TCBS) kicked off the era with a stellar IPO. The company sold over 231 million shares at 46,800 VND each. This raised more than 10,800 billion VND, boosting its charter capital to 23,133 billion VND—the highest in Vietnam’s securities sector.
TCBS timed its offering perfectly. Vietnam’s stock market rebounded after a 2022-2024 slowdown. Despite higher pricing than peers like SSI or VND, demand soared 2.5 times over supply. Consequently, shares must list within 90 days, likely in Q4 2025.
This success signals renewed confidence. Experts note that strong VN-Index performance supports such high valuations. Additionally, it sets a benchmark for upcoming deals.
Key Upcoming Vietnam IPOs in Late 2025
Several firms have clear IPO roadmaps for 2025. Hòa Phát Agriculture, under Hòa Phát Group (HPG), filed on September 16. It plans to offer up to 30 million shares at no less than 11,887 VND each. Listing on the Ho Chi Minh Stock Exchange (HoSE) could happen by December with code HPA.
VPBank Securities (VPBankS) gained shareholder approval in early September. The firm aims to issue 375 million shares, or 25% of total. This raises charter capital from 15,000 to 18,750 billion VND. Pricing starts at 12,130 VND based on mid-2025 financials.
Gelex Group (GEX) targets Q4 for Gelex Infrastructure’s IPO. Owning 91.62%, Gelex positions this subsidiary in infrastructure and industrial park real estate. It oversees giants like Viglacera (VGC). Therefore, this IPO could bolster Vietnam’s real estate investment appeal.
- Hòa Phát Agriculture: Focuses on agriculture; potential for stable returns amid food security trends.
- VPBank Securities: Strengthens securities market; aligns with rising trading volumes.
- Gelex Infrastructure: Key in real estate and materials; offers exposure to industrial growth.
These moves reflect strategic planning. For instance, they capitalize on post-pandemic recovery.
Expected Vietnam IPOs Shaping 2026-2028
Beyond 2025, more enterprises eye public listings. VPS, a brokerage leader, polls investors on IPO feasibility. Meanwhile, CrownX from Masan Group raised 400 million USD in 2021. Valued at 7 billion USD, it committed to an IPO within 3-5 years.
Other potentials include VCB Capital from Vietcombank, Vietjet Air, and Bamboo Airways. These span finance, aviation, and more. Although details are pending, market watchers predict strong interest.
The World Bank’s overview highlights Vietnam’s economic resilience, drawing foreign funds. Thus, these IPOs could diversify portfolios. However, volatility risks persist in emerging markets.
In summary, Vietnam IPOs promise exciting prospects. They enhance topical authority in investments. Investors should monitor regulatory updates closely.
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