VPBank Securities shares tumble on debut despite strong expectations

VPX shares of VPBank Securities (VPBankS) fell sharply on their first day of trading on the Ho Chi Minh Stock Exchange (HoSE), disappointing investors who had anticipated a stronger debut.

Nearly 1.88 billion VPX shares were officially listed on Thursday with a reference price of VND33,900 ($1.29) and a trading band of ±20% for the first session.

VPX closed down 9.1% at VND30,800 ($1.17), giving the company a market capitalization of VND57.75 trillion ($2.19 billion). Trading volume topped 7.2 million shares, with a total value of VND220.3 billion ($8.37 million), ranking fourth among brokerage stocks.

The decline weighed on many investors' sentiment. Besides VPX, several brokerage stocks also retreated, including TCX, SSI, VCI, and BSI.

VND and MBS were flat, while some mid- and small-cap brokerages bucked the trend, with VIX rising 1.7% with trading value of more than VND579 billion ($21.99 million).

Market weakness extended beyond the securities sector. Consumer services fell 4.91%, real estate dropped 1.38%, hardware and equipment slipped 1%, and credit institutions lost 0.9%.

Another highlight was Vingroup’s VIC, which at one point hit its floor price of VND138,400 ($5.26) before paring losses and closing 1.9% lower. With several large-caps declining, the VN-Index fell 1.17% to 1,698.9 points, marking its third consecutive losing session.

VPX’s debut followed the company’s successful November IPO of 375 million shares at VND33,900 ($1.29) each, raising over VND12.71 trillion ($482.9 million). The offering attracted almost 13,000 successful orders with demand reaching 390.5 million shares, exceeding the amount offered by 4%.

Following the IPO, VPBankS’s equity rose to more than VND32 trillion ($1.22 billion), placing it on par with sector leader SSI (VND31.26 trillion as of end-Q3) and behind only TCBS (VND42.48 trillion).

The new capital gives the firm greater capacity to expand across investment banking, margin lending, proprietary trading, and brokerage.

VPBankS reported strong financial results for the first nine months of 2025, supported by favorable market conditions. Pre-tax profit reached a record VND3.26 trillion ($123.8 million), nearly four times the level a year earlier, fulfilling over 73% of its revised full-year target of VND4.45 trillion - the second-highest in the industry.

As of end-Q3, total assets had surged to VND62.13 trillion ($2.36 billion), more than double the level at the start of the year. Margin lending hit over VND26.66 trillion ($1.01 billion), up VND9.01 trillion from the previous quarter (51%) and nearly triple the level recorded at the beginning of 2025.