Over 3.4 billion shares to make debut on Vietnam’s HoSE as IPO wave accelerates

More than 21.5 million VVS shares of Vietnam Machine Investment Development JSC (Vimid) officially began trading on HoSE on Wednesday at a reference price of VND58,000 (US$2,2) per share, valuing the firm at roughly VND1.247 trillion ($48 million).

Founded in 2010, Vimid distributes medium- and heavy-duty trucks and SINOTRUK-branded specialized vehicles.

Vimid debuted its shares on the Unlisted Public Company Market (UPCoM) in October 2022 before getting the approval for the HoSE listing on November 14 this year.

Its shares traded at around VND20,000 ($0.75) for years on UPCoM before surging to VND61,100 ($2.31) on the last trading session on this bourse, marking a four-fold increase compared to the start of this year.

Another major debut follows on Thursday, when nearly 1.9 billion VPX shares of VPBank Securities JSC (VPBankS) begin trading at a reference price of VND33,900 ($1.28). The market cap of approximately $2.4 billion makes it the largest initial public offering (IPO) in Vietnam’s stock market history.

VPBankS was able to list on HoSE in under 30 days, which is far faster than the previous 3-6 month process, thanks to Government Decree 245/2025, which streamlines post-IPO listing procedures.

With its expected market cap, VPBankS would become the country’s third-largest securities firm, trailing only Techcom Securities JSC (TCBS) and SSI Securities Corporation.

TCBS’ $4.1-billion valuation in October had recently pushed SSI from the top position.

Investors are also anticipating another listing from VPS Securities JSC, which completed an IPO of more than 202 million shares and received approval on December 1 to list 1.48 billion shares on HoSE.

Based on its IPO price, VPS could debut with a market cap of VND88 trillion ($3.3 billion), surpassing SSI and VPBankS to secure the second spot behind TCBS.

HoSE also reviewed several new applications last month, including Masan Consumer Corporation (MCH), Regal Group JSC (RGG), An Giang Fruit-Vegetables & Foodstuff JSC (ANT), Ton Dong A Corporation (GDA), and Gia Lai Hydropower JSC (GHC). All currently trade on UPCoM.

Among them, Masan Consumer plans to list more than one billion shares on HoSE in late 2025 or early 2026, with a projected market cap of $5.7 billion.

Gelex Infrastructure JSC has been approved to issue 100 million shares and intends to list on HoSE in early 2026.

Similarly, Hoa Phat Agriculture Development JSC (HPA), a subsidiary of major Vietnamese steel maker Hoa Phat Group, has filed for an early 2026 listing, planning to offer up to 30 million shares at no less than its book value of VND11,887 ($0.45) per share.

Vietnam’s booming IPO activity is expected to enhance market depth, diversify sectors represented on the bourse, and attract new investment capital.

As of November 30, the country’s equity market cap exceeded $390 billion, equivalent to nearly 82 percent of last year’s GDP, with HoSE alone accounting for more than $310 billion.

HoSE now hosts 50 listed companies valued at more than $1 billion each, including three with their market cap above $10 billion. Liquidity remains strong, with average daily trading value nearing $1 billion over the first 11 months of the year.

As of December 9, HoSE has 693 listed securities, including 396 stocks, 22 fund certificates (18 of which are exchange-traded funds), and 288 covered warrants.