IPO preparation needs not only profile, but complete transformation

IPO preparation needs not only profile, but complete transformation

View of the workshop. Photo tinnhanhchungkhoan.vn

As Việt Nam’s stock market undergoes a period of strong restructuring, the preparation of documents for initial public offerings (IPOs) has become not only a technical requirement but also a vital test of management capacity and legal compliance, experts said.

Positive signals from the domestic market have sparked a new IPO wave, with many enterprises accelerating or planning offerings expected to raise hundreds of millions of US dollars.

Khương Tiến Hùng, head of the State Securities Commission’s Securities Offering Management Department, said that to seize emerging opportunities, enterprises must carefully prepare IPO documentation with complete and accurate information, while strictly complying with legal requirements to ensure a successful public offering.

Sharing the same view, Trần Đình Cường, chairman of Ernst & Young Vietnam Co., Ltd. (EY Vietnam), said the Vietnamese stock market is entering a new cycle supported by favourable factors such as market upgrades, improved liquidity and policies backing the private sector. He noted that the door to IPOs is wide open, but early and thorough preparation remains key for enterprises to achieve breakthroughs and sustainable growth.

Phạm Ngọc Bích, executive director of the Corporate Finance Division at Ho Chi Minh City Securities Corporation (HSC), shared practical insights from supporting businesses through IPO processes. She said many enterprises face difficulties completing legal documentation and coordinating with regulators, largely because they begin preparations too late. Financial reports are often not standardised, and governance structures remain unaligned with public company standards.

To prepare effectively for an IPO and listing, businesses should begin early, ensuring that all necessary documents are ready for stakeholders. At the same time, they must invest in transparent governance systems and apply IFRS and ESG standards, along with information disclosure mechanisms that follow international best practices.

Enterprises also need a team of professional advisers to guarantee precision and certainty at every stage of the IPO process.

Trần Nam Dũng, deputy general director of EY Vietnam’s Assurance Services Division, said preparing for an IPO is not simply about completing paperwork but involves a comprehensive transformation in structure, governance, finance and strategy.

This process typically begins 12–24 months before the IPO, with reviews of strategic options, objectives, timing, ownership structure and tax considerations. Between six and twelve months before the offering, businesses should focus on reviewing business plans, preparing legal documents, selecting advisory teams, building roadmaps and determining enterprise valuation. The final one to six months are dedicated to completing financial reports and implementing investor-attraction strategies. 

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