A look back at Việt Nam's stunning stock listings

A look back at Việt Nam's stunning stock listings

F88's entry into the market on August 8 has reignited discussions about high-profile IPOs in the country, particularly those that have seen shocking opening prices.

An F88 transaction office. — Photo courtesy of the company

The Vietnamese stock market continues to make headlines, with the recent announcement that F88, a consumer finance company, will debut on the UPCoM exchange at an unprecedented reference price of VNĐ634,900 (US$24.19) per share. 

This marks a new record for the highest initial listing price in Việt Nam’s history, reflecting a market capitalisation of over VNĐ5.2 trillion.

F88's entry into the market on August 8 has reignited discussions about high-profile IPOs in the country, particularly those that have seen shocking opening prices. 

For instance, in January 2023, VNG Corporation's stocks (VNZ) debuted at VNĐ240,000 per share, valuing the company at about VNĐ8.6 trillion ($350 million). 

While investor interest was high, with significant orders placed, not a single share was matched on its first trading day. 

The company’s shares have since fluctuated dramatically, peaking above VNĐ1 million before settling around VNĐ415,600, a 73 per cent increase from its debut price.

Another notable listing was Yeah1 Group's stock (YEG), which launched at VNĐ250,000 on June 26, 2018. It quickly rose to VNĐ300,000, reflecting its status as the first television company listed on Việt Nam’s stock market. 

However, due to poor business performance, YEG's price has plummeted to VNĐ15,150 per share, with a market value of more than VNĐ2.9 trillion. 

In a surprising move, Print and Statistical Form Publication Company Limited (IPH) listed its shares at a staggering VNĐ411,000 a share on July 3, 2019. The price quickly fell by 40 per cent on its first day, leading to a liquidity crisis. 

Eventually, IPH's shares were delisted in April 2022 after failing to comply with regulatory requirements.

Vietnam Apatite – Phosphorus JSC (PAT) and Power Engineering Consulting JSC 2 (TV2) also made headlines with their high listing prices. 

PAT, a phosphate producer, debuted at VNĐ120,000 in June 2022, seeing an initial spike to VNĐ168,000 on its first trading day.

PAT shares continued to be strong in the next few sessions before dropping to VNĐ93,700 on August 5.  

Similarly, TV2 launched at VNĐ151,000, previously hitting VNĐ200,000 a share, but has since settled at VNĐ39,300.

Techcombank (TCB) is another significant player. The lender entered the market on June 4, 2018, with an initial price of VNĐ128,000 per share, making it one of the highest-valued banks at that time. 

Given the price at that time, the bank’s market capitalisation was worth VNĐ149 trillion, trailing only behind Vietcombank.

Its stock has seen various fluctuations and is currently priced at VNĐ37,000.  

Bizhub