Notable names in the new IPO wave
After many years of a relatively limited number of new listed companies, the Vietnamese stock market is seeing a new wave of IPOs (Initial Public Offering - businesses offering shares to the public for the first time) with the participation of many businesses from different fields.
According to data from SSI Research, the new IPO wave began in the second half of 2025 with IPO deals of Ky Thuong Securities (TCBS, stock code TCX), VPBank Securities (VPBankS, stock code VPX), VPS Securities (stock code VCK), Hoa Phat Agriculture (stock code HPA) and Gelex Infrastructure (stock code GEL).
Stepping into 2026, the opening IPO deal is Dien May Xanh Investment Joint Stock Company (DMX) - a member of Mobile World Investment Joint Stock Company (stock code MWG). This company is in the process of offering more than 179.5 million shares for the first time to the public, the results are expected to be announced on June 18. In addition to Dien May Xanh, the deployment plans include: Highlands Coffee, CP Vietnam, HD Securities (HDBS), LPBank Securities (LPBS), Kafi Securities.
The upcoming IPO portfolio has wide coverage and high diversity. This may contribute to expanding the portfolio of assets that can be invested in, improving market depth and balancing the industry structure more" - SSI assessed.
From a market management perspective, Mr. Nguyen Son - Chairman of the Members' Council of Vietnam Depository and Clearing Corporation (VSDC) - said that to attract foreign investors to return to the market, an important priority is to improve the quality and scale of goods on the stock market.
According to Mr. Son, it is necessary to promote the equitization of state-owned enterprises associated with IPOs and listings, and at the same time create conditions for large FDI enterprises to participate in the market. Improving the quality of goods lies not only in the number of listed enterprises, but also in the ability to bring more large-scale, quality enterprises to the exchange.
Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission - said that this agency will continue to coordinate with ministries and sectors to promote equitization, state capital divestment associated with listing; encourage large, well-managed enterprises to participate in the market.
Valuation problem and listing time
Mr. Le Duc Khanh - Analysis Director of VPS Securities Joint Stock Company - assessed that the quality level of goods on the Vietnamese stock market is still lower than many emerging markets or frontier markets.
According to Mr. Khanh, the quality of goods on the Vietnamese stock market is still lower than in many emerging and frontier markets, and the number of high-quality enterprises is not large. Therefore, it is necessary to promote IPOs, especially for startups and potential enterprises to become "unicorns". To do this, the business and listing environment must be more favorable.
According to Mr. Khanh, through exchanges with relevant parties, he learned that there are many businesses that have submitted IPO preparation dossiers but have not yet met the criteria.
We need to promote and have appropriate legal corridors for high-quality enterprises to list more. When the quality of goods is improved, the market will have more new products, thereby attracting stronger investment capital flows" - Mr. Khanh analyzed.
However, according to this expert, meeting listing conditions is only the first step. Businesses must also consider choosing a listing floor, capital mobilization plan, valuation level as well as the appropriate time to list.
Mr. Khanh said that market participants often have different views on IPO valuation. While consulting units must build a relatively satisfactory valuation level for businesses and suitable for the market, analytical organizations, investment funds or investors tend to be more cautious when evaluating investment opportunities.
According to him, market timing is also an important factor determining the success of an IPO deal. “Therefore, to find conditions for a successful IPO deal, I think businesses can also postpone a little, waiting for the next phase of market recovery,” he recommended.
