VPBank Securities files for HoSE listing after US$2.4 billion valuation

VPBank Securities files for HoSE listing after US$2.4 billion valuation

After the IPO, VPBankS became the second-largest securities company in Việt Nam by equity.

Earlier in November, VPBankS raised more than VNĐ12.7 trillion ($489 million) through its IPO of over 375 million shares, lifting charter capital to nearly VNĐ18.8 trillion. — Photo tinnhanhchungkhoan.vn

The Hochiminh Stock Exchange (HoSE) has received the listing application of nearly 1.9 billion shares of VPBank Securities (VPBankS) under the expected ticker VPX, shortly after the firm completed a major initial public offering that valued the company at nearly US$2.4 billion.

Earlier in November, VPBankS raised more than VNĐ12.7 trillion ($489 million) through its IPO of over 375 million shares, lifting charter capital to nearly VNĐ18.8 trillion. Based on the offer price, the company’s valuation stands at around VNĐ63.6 trillion, or close to $2.4 billion.

After the IPO, VPBankS became the second-largest securities company in Việt Nam by equity.

VPBankS plans to use 68 per cent of the IPO proceeds, equivalent to VNĐ8.6 trillion, to expand margin lending. About 30 per cent, or VNĐ3.8 trillion, will go to proprietary trading and investments, while 2 per cent will fund advance payments for securities settlement.

Disbursement will run from the fourth quarter of 2025 through 2026.

The company reported significant growth in the first nine months of 2025.

Operating revenue reached VNĐ5.5 trillion, triple the same period last year. Pre-tax profit rose to VNĐ3.3 trillion and post-tax profit to VNĐ2.6 trillion, almost four times higher year-on-year. VPBankS has completed 77 per cent of its full-year revenue target and 73 per cent of its adjusted profit plan.

Total assets increased to more than VNĐ62.1 trillion as of September 30, up more than VNĐ35 trillion from the start of the year. Margin lending reached a record VNĐ27 trillion, rising by VNĐ17.5 trillion year-to-date.

Its proprietary investment portfolio also expanded, with financial assets at fair value through profit or loss totalling nearly VNĐ20.2 trillion, including over VNĐ10 trillion in bonds, VNĐ5 trillion in certificates of deposit and nearly VNĐ4 trillion in equities.

Short-term borrowings climbed to almost VNĐ40.5 trillion, up VNĐ31 trillion from the beginning of the year, with bank loans accounting for VNĐ23.77 trillion.

In the third quarter alone, operating revenue reached VNĐ3.57 trillion, six times year-on-year, while post-tax profit surged to VNĐ1.89 trillion from VNĐ272 billion. 

Bizhub