This marks the largest initial public offering (IPO) ever in Vietnam’s securities sector. Just a month earlier, in September 2025, Techcom Securities (TCBS) successfully completed its own IPO, raising roughly VND10.82 trillion.
Following approval from the State Securities Commission, VPBank Securities JSC (VPBankS) announced the launch of its public share sale, offering 375 million shares at VND33,900 apiece on October 1. The deal is expected to raise nearly VND12.71 trillion (approx. $500 million), making it the biggest IPO in the country’s brokerage industry to date. The capital infusion will allow the firm to expand its margin lending capacity and accelerate business growth. At the offer price, VPBankS is valued at about VND63.56 trillion, equivalent to over $2.4 billion post-IPO.
The subscription period runs from 8 a.m. on October 10 to 4 p.m. on October 31, 2025. Each investor may subscribe for a minimum of 100 shares and up to 93.75 million shares—equivalent to 5 percent of the charter capital after issuance—in multiples of 100 shares. A deposit equal to 10 percent of the registered purchase value is required.
The allocation results will be announced between November 1 and 2, with payments for allocated shares due from November 3 to 7, 2025.
VPBankS shares will be distributed both directly by the company and via three brokerage partners, namely Vietcap Securities (VCI), SSI Securities (SSI), and Saigon–Hanoi Securities (SHS).
At the offering price of VND33,900 per share, VPBankS’s forward price-to-earnings ratio (P/E) for 2025 stands at 14.3 times, while its price-to-book ratio (P/B) as of the third quarter of 2025 is estimated at 2.5 times—both below the market average.
