Pressure to raise equity capital set to intensify in H2

Pressure to raise equity capital set to intensify in H2

Equity fundraising activities are entering the acceleration phase in the Vietnamese market in 2026, according to a report by FiinGroup on June 15.

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The report pointed out that as of May 25, the total value of equity issuances and IPOs planned by listed companies and those registered for trading is estimated at VND289.5 trillion ($11.13 billion), representing an 86.5 per cent increase compared to 2025 and 2.5 times the average level recorded over the past five years.

This marks the highest level since the 2021 market boom, signalling that the stock market is increasingly becoming a medium- and long-term capital channel for businesses, rather than a secondary source of funding behind bank credit and corporate bonds.

FiinGroup expects equity fundraising pressure and the market's capacity to absorb new share issuances to intensify in the second half of 2026, with around 70 per cent of planned offerings yet to be executed.

Planned IPOs are estimated at $861.5 million in 2026, down 42 per cent from the 2027 peak. While the market is not expected to see any mega-deals, the IPO landscape is shifting markedly. Unlike previous cycles, growth is no longer being driven by the equitisation and divestment of state-owned enterprises.

Today, IPO activities are increasingly led by the private sector, especially spin-off deals and the restructuring of the corporate ecosystem.

Some planned IPOs in the securities sector include LPBS and KAFI in 2026, along with VPS, VPBankS, and TCBS in 2025.

In addition, Dien May Xanh has filed for an IPO this year, marking one of the few notable deals in the consumer goods sector. Meanwhile, many highly anticipated IPOs, including Golden Gate, Highlands Coffee, The CrownX, and Long Chau, have yet to materialise.

This indicates that the IPO market is still quite selective. Indeed, the market has yet to truly enter a new boom cycle like the previous periods with the value of IPOs reaching $1.25 billion in 2017 and $2.83 billion in 2018

VIR