Vietnam's property developer Regal Group to list shares on HCMC bourse in Q4

Regal Group JSC, a property developer based in the central city of Danang, has applied to list its 200 million RGG shares on the Ho Chi Minh City Stock Exchange (HoSE) in Q4/2025.

Earlier, Regal Group was approved to trade on the Unlisted Public Companies Market (UPCoM) from October 30, with a reference price of VND13,300 ($0.5) per share. Notably, despite the sharp rise in market price, RGG had extremely low liquidity, averaging below 3,000 shares per session.

Before trading on the UPCoM, Regal Group had completed the offering of 20 million shares to existing shareholders at VND10,000 ($0.38) per share, raising its charter capital from VND1.8 trillion to VND2 trillion ($75.9 million).

After the capital hike, RGG’s major shareholder structure includes Dat Xanh Real Estate Services JSC (HoSE: DXS) - a subsidiary of Dat Xanh Group (HoSE: DXG), holding a 55% stakel; Tran Ngoc Thanh (15%); Luong Tri Thin (5.17%); and minority shareholders (24.83%).

Regal Group was formerly Dat Xanh Mien Trung JSC, established in 2011 and renamed Regal Group in March 2023. Upon its establishment, RGG’s charter capital was only VND6 billion ($227,704). Over 14 years, it has increased its capital 15 consecutive times to VND2 trillion ($75.9 million), a 332-fold increase. The company’s capital-raising pace ranks among the fastest in the private real estate sector.

In the first nine months of the year, the company recorded nearly VND445 billion ($16.89 million) in net revenue and almost VND86 billion ($3.26 million) in net profit. Revenue was almost flat, but profit increased by 37% year-on-year. However, the profit figure represented only 43% of the year's target of VND200 billion ($7.59 million).

Notably, although the listing application covers 200 million shares, RGG currently has only 180 million shares floating, equivalent to VND1.8 trillion ($68.31 million) in paid-in charter capital.

At the 2025 AGM in April, DXS board member Ha Duc Hieu stated that in order to meet the requirements for listing on the HoSE, RGG will need to conduct a public offering, and DXS is preparing the application.

The Dragon Capital group recently sold an additional 1.35 million DXG shares, reducing its ownership to 9.88% of Dat Xanh Group’s charter capital. Of this, Amersham Industries Limited sold 1 million shares, and Vietnam Enterprise Investments Limited 1 million shares, while Norges Bank bought 500,000 shares and Samsung Vietnam Securities Master Investment Trust (Equity) 150,000 shares.

Previously, Dragon Capital sold 3.9 million DXG shares on August 25, 3.75 million on August 29, 1.25 million on September 22, and 2.2 million on September 25. They continued to sell 1.3 million DXG shares on October 14, nearly 6.06 million on October 17, and 1.8 million on October 29.