Gelex Infrastructure okayed to launch IPO of 100 mln shares

Gelex Infrastructure JSC has received approval from the State Securities Commission of Vietnam to proceed with an initial public offering of 100 million shares, the company said.

The shares will be offered via a public auction on the Ho Chi Minh Stock Exchange (HoSE), at a starting price of VND28,000 ($1.1) per share. If fully subscribed, the firm is expected to raise VND2.8 trillion (nearly $106.2 million).

Proceeds will be used to increase capital for Hai Phong Titan JSC to fund phase 1 of the Tran Duong-Hoa Binh Industrial Park (Zone A) project, and to support the company’s financial restructuring, Gelex Infrastructure said.

Founded in 2016, Gelex Infrastructure operates as a holding company under Gelex Group, with investments in industrial real estate, commercial real estate, building materials, and utilities such as electricity and clean water.

Its subsidiaries include Viglacera Corp (HoSE: VGC), Long Son Petroleum Industrial Park Investment (UPCoM: PXL), Song Da Clean Water Investment (UPCoM: VCW), FIH Vietnam, and Hai Phong Titan.

The company recently acquired a 49% stake at Titan Corporation from its parent Gelex Group.

Titan is a joint venture with Frasers Property Vietnam developing LEED-certified industrial facilities including RBF (ready-built factories), RBW (ready-built warehouses), and BTS (built-to-suit factories/warehouses). This firm is currently implementing five projects with a total area of 100 hectares.

The company said industrial and commercial real estate, along with building materials, will remain its main revenue drivers through 2030.

The planned IPO follows a run of high-profile offerings in Vietnam, including deals by TCBS, VPBankS, VPS Securities, and Hoa Phat Agriculture. Gelex Infrastructure is drawing investor attention due to its asset base and growth prospects.

Vietnam’s IPO market is entering a new cycle with a series of high-quality deals in the fields of finance, real estate, retail, agriculture, and technology, supported by stable macroeconomic growth, looser monetary policy, and flexible exchange-rate management.

The country’s planned upgrade to secondary emerging market status, effective September 2026, is expected to attract more foreign inflows.

Regulatory reforms to improve transparency, upgrade market infrastructure, and streamline listing procedures are also helping strengthen investor confidence, positioning Vietnam as one of Asia’s more attractive emerging markets.