Vietnam firms ramp up IPOs, capital hikes amid market rallies

By Ngoc Diem, Chau Anh
Mon, September 1, 2025 | 10:32 am GMT+7

Many firms in Vietnam are lining up initial public offerings (IPOs) and capital expansions amid a stock market rally, a trend seen as a catalyst to lure more investor cash.

Vietnam’s stock market is riding an unprecedented wave, with the benchmark VN-Index soaring almost 600 points over the past five months to 1,682, repeatedly breaking records.

Liquidity is fueling the rally. Average daily transaction value on the Ho Chi Minh Stock Exchange (HoSE) jumped 67% from June to nearly VND35 trillion ($1.33 billion) in July, and in August, trading sessions repeatedly topped VND40 trillion to VND50 trillion, even hitting VND60 trillion ($2.28 billion).

Many companies in Vietnam are moving ahead with IPO plans. Photo courtesy of Global Bio & Investment.

Many companies in Vietnam are moving ahead with IPO plans. Photo courtesy of Global Bio & Investment.

A wave of blockbuster IPOs in the pipeline

The rally has created favorable conditions for companies to push ahead with IPOs and capital raises.

Gelex Group, a leading multi-sector corporation in Vietnam (HoSE: GEX), said it plans to list its infrastructure arm, Gelex Infra, as soon as Q4.

Gelex Infra has charter capital of VND7.9 trillion ($299.87 million). As of end-Q2, Gelex Group directly held a 79.1% stake of Gelex Infra. Gelex Infra and Gelex Electric (HoSE: GEE) are the two core companies in Gelex Group’s multi-sector ecosystem.

Gelex Infra operates in infrastructure, real estate and construction materials, holding stakes in prominent names such as construction material producer and industrial park developer Viglacera (HoSE: VGC), Song Da Water Investment JSC (UPCoM: VCW), and major industrial parks including Long Son in Ho Chi Minh City, Tien Son in the northern province of Bac Ninh, and Phu Ha in the northern province of Phu Tho.

Gelex Infra recently acquired a 49% stake in Titan Corporation Limited, a joint venture between Gelex Group and Singapore’s property developer Frasers Property Investments, from its parent.

In finance, Techcombank, a major private lender in Vietnam, is carrying out the IPO of its brokerage arm TCBS, offering 231.15 million shares at VND46,800 ($1.78) apiece. Brokerages including SSI, Vietcap, and HSC have announced they will act as distributing agents for TCBS shares from August 19 to September 8.

Techcombank Securities JSC (TCBS) is currently the brokerage with the largest charter capital on Vietnam’s stock market. It ranks third in equity and fund certificate brokerage market share on the HoSE, behind only VPS and SSI.

VPS Securities JSC (VPS), the No.1 equity broker by market share, has announced plans to hold an extraordinary general meeting in 2025, with the main agenda centered on its IPO.

VPBank Securities (VPBankS) is seeking shareholders’ approval for the planned IPO, which is expected to take place in Q4, according to foreign media.

The brokerage is part of private lender VPBank’s financial ecosystem, and news of the planned listing has helped double VPBank’s share price over the past two months. On the HoSE, its VPB shares closed Friday at VND35,000 ($1.33) apiece.

Capital-raising plans

Outside the IPO rush, leading broker Saigon Securities (SSI) is pushing ahead with two major capital increases. The firm said its board has approved a private placement of 104 million shares at VND31,300 ($1.19) apiece, a plan first outlined two years ago and now set for execution in Q3 or Q4.

The company named 18 investors for the private placement, including foreign funds such as Japan-headquartered Daiwa Securities Group Inc. (15.9 million shares) and U.S.-based Citigroup Global Markets Ltd. (4 million), along with KIM Vietnam Fund Management Co., Ltd under Korea Investment Management (KIM) and Dragon Capital – one of the largest foreign-run asset management companies in Vietnam.

At the same time, SSI called an extraordinary shareholders’ meeting to discuss a rights issue of 415.5 million shares to existing investors at an expected price of VND15,000 apiece ($0.57), to be carried out this year or next.

SSI currently has charter capital of VND19.74 trillion ($749.29 million), once the largest among brokerages before being overtaken by TCBS in June. With the two capital-raising plans, SSI’s capital would rise to VND24.93 trillion ($946.29 million), regaining its No. 1 position.

Separately, private lender ABBank (UPCoM: ABB) said it is seeking shareholder approval to boost charter capital by 35% to VND13.97 trillion ($530.27 million), including the sale of 311 million shares to existing holders and an employee stock ownership plan (ESOP) issuance at VND10,000 apiece ($0.38).

Since July, Development Investment Construction J.S Corporation (HoSE: DIG) has moved ahead with plans to sell 150 million shares to existing shareholders at VND12,000 ($0.46) each, with execution scheduled between Q3 of this year and Q1 of next year.

The developer aims to raise VND1.8 trillion ($68.32 million) to fund its Cap Saint Jacques complex in HCMC – phase 3 (VND600 billion or $22.77 million) and Vi Thanh commercial residence project (VND600 billion) in the Mekong Delta city of Can Tho, and to repay its DIG12301 bond.

In a buoyant market, capital-raising is seen as a driver supporting share prices. To ensure success and attract investor interest, companies tend to showcase their strongest prospects, while positive news of favorable conditions often draws fresh cash and lifts stocks.

Offer prices are well below market levels - SSI’s rights issue is priced at VND15,000 ($0.57) a share versus a trading price above VND40,000 ($1.52), while DIG is selling at VND12,000 ($0.46) against a market price over VND20,000 ($0.76). The discount adds to the appeal and spurs investors to buy in.

Although dilution will weigh on prices, in a rising market such adjustments can reset valuations to more attractive levels and draw liquidity.

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