Vietnam records just one IPO in H1/2024: Deloitte
Vietnam had just one initial public offering (IPO) in the first half of this year, amidst a regional listing underperformance, according to the “Southeast Asia Mid-Year IPO Snapshot 2024” report put out by Deloitte.
The lone IPO in H1/2024 was that of DNSE Securities JSC on the Ho Chi Minh Stock Exchange (HoSE). The IPO raised $36.9 million for an IPO market capitalization of $135 million, the report said.
DNSE Securities JSC officially lists its shares as DNE on the Ho Chi Minh Stock Exchange, July 1, 2024. Photo courtesy of DNSE.
It also said that the single listing has already surpassed the market performance for the whole of 2023, which saw three listings collectively raise around $7 million.
Reviewing the Vietnamese market, the report noted that Vietnam has postponed the launch of its new stock trading system, KRX, potentially to September 2024.
This system is designed to expedite settlement of transactions and is part of broader efforts to upgrade the country's stock market and attract more foreign investors. If successfully implemented, it would enhance Vietnam's prospects of being getting a status upgrade from a “frontier market” to an “emerging market.”
The current status restricts many funds and family offices from investing in companies listed in the country, the report said.
It noted that the Southeast Asia IPO capital market saw just 67 IPOs in H1/2024, raising $1.4 billion for an IPO market capitalization of $5.8 billion. This marked year-on-year declines of 21%, 71% and 59% in the number of new IPOs, market capitalization and proceeds, respectively.
Deloitte is a world leader in providing professional services including auditing, consulting, tax and advisory services.
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