VPS Securities to make the most anticipated IPO of 2025 in Vietnam

VPS Securities, a major broker in Vietnam, will launch an initial public offering (IPO) in the fourth quarter of this year, according to the recently updated documents for its second Extraordinary General Meeting (EGM) in 2025.

The company’s second EGM is scheduled for September 29 at its headquarters at 65 Cam Hoi street, Hai Ba Trung ward, Hanoi.

Under the documents, VPS Securities intends to offer up to 202.3 million shares to the public, equivalent to 15.81% of its charter capital after the completion of a planned bonus share issuance.

The IPO is expected to take place between Q4/2025 and Q1/2026, pending approval from the State Securities Commission (SSC).

The board of directors (BoD) has proposed that the EGM authorize the BoD to determine the offering price, provided that the price is not lower than the book value as stated in the company’s semi-annual financial statements for 2025.

In addition to the IPO plan, VPS will also present two other share issuance proposals: a bonus share issuance from owner’s equity to existing shareholders, and a private placement of shares to raise charter capital.

For the bonus share issuance, the firm plans to issue 710 million shares using its retained earnings. This is scheduled to take place from Q4/2025 through 2026.

For the private placement, VPS intends to issue 161.85 million shares to professional investors. This issuance is planned for 2025-2026, with the offering price not lower than the market price at the time of issuance or the most recent book value.

Upon completion of all three capital-raising plans, VPS’s charter capital will increase from VND5.7 trillion to VND16.442 trillion ($622.59 million).

Additionally, the BoD has proposed that all VPS shares be registered and centrally deposited at the Vietnam Securities Depository and Clearing Corporation (VSDC), and listed on the Ho Chi Minh City Stock Exchange (HoSE) after the IPO is completed.

Founded in 2006, VPS Securities was formerly known as VPBank Securities (VPBS) and was initially a subsidiary of private lender VPBank. In December 2015, VPBank divested a 89% stake in the firm.

Following the ownership change, VPS Securities entered a phase of rapid growth, consistently increasing its capital and expanding business activities. By the end of 2018, the company’s charter capital had reached VND3.5 trillion ($132.53 million), making it the largest securities firm by capital at that time. Also in 2018, VPBS officially rebranded as VPS Securities JSC.

In recent years, VPS has held the largest market share in both equity brokerage on the HoSE and derivatives trading. In the first half of 2025, it captured 16.02% of the brokerage market share on the HoSE and 47.71% of the derivatives market.

With its dominant market position and a rumored valuation in the multi-billion USD range, VPS’s IPO is expected to be one of the most high-profile in the final months of 2025.