Hoa Phat Agriculture submits documents for IPO

Hoa Phat Agriculture Development JSC, a subsidiary of Hoa Phat Group, on Tuesday submitted documents for an IPO of its shares as early as December 2025.

The company plans to offer a maximum of 30 million HPA shares on the Ho Chi Minh City Stock Exchange, at a price of VND11,887 ($0.45) apiece. Documents were sent to the State Securities Commission.

According to the management, the principle of valuation is that the offering price will not be lower than the book value per share. Based on its financial report as of June 30, 2025, HPA's book value is VND11,887 per share.

The proceeds will come to farms and animal feed plants as capital contributions and to business operations as working capital supplement.

It will also help to expand the production scale, optimize the supply chain, and invest in the central and southern regions.

In terms of business results, Hoa Phat Agriculture has always had the second largest contribution to Hoa Phat Group, only after steel which is the group's core sector.

Net revenue in 2024 reached VND7,084 billion (268.6 million), up 12.2% compared to 2023. In H1/2025, the figure was VND4,325 billion ($164 million), a sharp rise over the same period and equal to 61% of the whole 2024.

The company's gross profit is expected to grow dramatically in the period 2023-2025. In 2024, it reached VND1,462 billion ($55.43 milion), up 169% year-on-year (VND544 billion).

In H1/2025, Hoa Phat Agriculture recorded VND1,206 billion ($45.73 million) in gross profit, equivalent to 83% of the whole 2024.

This helped the company achieve a skyrocketing profit after tax of VND939 billion ($35.6 million) in the six-month period, 2.3 times higher than the same period in 2024.

It is expected that Hoa Phat Agriculture's net profit in 2025 will reach about VND1,600 billion ($60.66 million), equivalent to earnings per share (EPS) of about VND6,274 ($0.24).

Hoa Phat has been involved in the agricultural sector since 2015. Hoa Phat Agricultural is the legal entity that controls and manages the investment, production and business activities in the agricultural sector of the group.

After 10 years of development, Hoa Phat has affirmed its leading position in the Vietnamese agricultural sector with a system of plants and farms across the country.

Its animal feed business is among the top 13 largest producers in Vietnam. It leads in terms of the Australian beef market share in the country.

The firm ranked first in terms of chicken egg market share in the northern region with an output of nearly 1 million eggs per day. It currently owns a modern, closed-loop pig farm system, the largest in Vietnam, with a capacity of over 600,000 pigs a year.

Hoa Phat started its agriculture business in 2015. Chairman of Hoa Phat's board of directors Tran Dinh Long at that time announced that the agricultural sector would bring sustainable values to shareholders.

After a full decade of development, with a methodical and professional strategy, Hoa Phat has become one of the leading agricultural enterprises in Vietnam, with business efficiency surpassing other big names.

Currently, the group's agricultural business is organized into an ecosystem of dozens of member companies, headed by Hoa Phat Agricultural.

Hoa Phat aims to reach an output of 1 million tons of animal feed/year, 750,000 commercial pigs, 200,000 beef cattle, and 300 million clean chicken eggs per year by 2025.