Vietnam’s Hoang Anh Gia Lai unit cleared for 18.8m-share IPO

The approval was granted by the State Securities Commission of Vietnam to HGI, in which HAG currently holds an 84.42-percent stake.

The offering price and timeline have not yet been announced.

HGI, formerly Hung Thang Loi Gia Lai JSC, was earmarked for listing since late 2025, with HAG positioning HGI as the first company in its ecosystem to enter the stock market.

At the time of the IPO plan’s disclosure, HGI had charter capital of VND1.685 trillion (US$64 million) and managed about 7,080 hectares of farmland in Laos, cultivating bananas, coffee, durian, and mulberry.

HGI’s total assets were valued at roughly VND14.499 trillion ($552 million).

With 168.5 million shares currently outstanding, the IPO will represent about 11.2 percent of existing equity.

HAG chairman Doan Nguyen Duc said at the 2026 annual shareholders’ meeting that many of the group’s agricultural projects in Laos had been transferred to HGI.

He described HGI as the group’s strongest financial unit and referred to it as HAG’s “golden goose.”

Financial reports show HAG's stake in HGI had already fallen from 93.13 percent at the end of 2025 to 84.42 percent by June 30 this year, after the board passed a plan to transfer 8.35 million shares to facilitate the listing. 

Following the IPO, HAG expects to retain around 75-percent ownership in HGI.

OCBS Securities Company is advising the listing process.

HAG previously said it hoped to raise about VND1.5 trillion ($57 million) from the IPO to expand its coffee plantations to 20,000 hectares by 2030, while maintaining banana production and developing durian orchards.

HGI has set a target of 30-percent annual profit growth from 2025 to 2027.

After listing, HGI plans to pay cash dividends at a rate of 50 percent annually for three consecutive years starting in 2026.