Vietnam's major broker VPBankS valued at $2.4 bln

The official IPO offering price of VPBank Securities (VPBankS) shares has been set at VND33,900 ($1.28) apiece, equivalent to a corporate valuation of approximately VND63,600 billion (nearly $2.41 billion).

The board of directors of VPBankS on Thursday passed a resolution approving changes to several key aspects of its IPO plan.

If the issuance is successful, VPBankS could raise over VND12,700 billion ($480.88 million) in proceeds.

Not long before VPBankS, another broker Techcom Securities (TCBS) completed its IPO at a valuation of $4.1 billion. The offering created a buzz as demand was 2.5 times higher than the number of shares offered.

The capital use plan has also been revised. Under the new plan, proceeds will be used for three main purposes: over VND8,600 billion or $325.63 million (68%) to supplement margin lending activities, more than VND3,800 billion (30%) for investment and proprietary trading, and the remaining over VND254 billion (2%) for securities advance payments.

The disbursement timeline remains unchanged, scheduled for Q4/2025 through 2026.

Another notable change is in the list of distributing agents. Previously, Vietcap Securities was the sole distributor. Under the new plan, SSI Securities and Saigon-Hanoi Securities (SHS) will join Vietcap as co-distributors. In addition, the handling of unsubscribed shares has also been adjusted in the revised plan.

On the same day, VPBankS’s board of directors approved the IPO registration dossier.

This IPO has long been planned by VPBankS and has drawn significant interest from the stock market.

According to the offering plan, VPBankS intends to issue up to 25% of its outstanding shares to domestic and foreign investors, equivalent to 375 million shares.

After the issuance, the total number of shares could reach 1.875 billion, increasing charter capital from VND15,000 billion to VND18,750 billion ($709.96 million). If all registered shares are successfully sold, VPBankS would rise to become the third-largest securities firm in Vietnam by charter capital.

The offering is expected to take place between Q3/2025 and Q2/2026.