VPBankS plans to IPO in the fourth quarter of 2025?
VPBank Securities Joint Stock Company (VPBankS) has just announced a resolution of the Board of Directors approving the finalization of the list of existing shareholders to collect written opinions. VPBankS has not announced specific contents that need to be consulted by shareholders.
However, according to information from Bloomberg, Vietnam Prosperity Joint Stock Commercial Bank (VPBank, code VPB) - VPBankS's parent company, is preparing a plan to offer shares to the public for the first time (IPO) to its securities company. IPOs could be launched in the fourth quarter, but details of the scale and timing are still under discussion and could change depending on the situation.
Immediately after this information, the shares of Vietnam Prosperity Joint Stock Commercial Bank (VPBank - code VPB) broke out strongly, increasing the ceiling to VND34,200/share, setting a new price peak. Immediately after opening the session on the morning of August 19, VPB shares developed positively and quickly increased their spread. This is also the only bank code to increase the ceiling, matching the order of 18.3 million shares in the morning session and still has a ceiling buy of 11.9 million units.
VPBankS is the only securities company in VPBank's financial ecosystem. In the first year of operating under the new brand, the company raised its charter capital to VND15,000 billion, the highest level on the market at that time and has remained so far. After three years, the company has become one of the most notable names in the stock market.
In the context of the stock market continuously reaching new peaks and strong cash flow, VPBankS's IPO plan is considered one of the notable highlights, promising to attract great attention from investors, especially as Vietnam approaches the market upgrade milestone.
IPO activities on the Vietnamese stock market have recently been quite active. In May, Vinpearl (code VPL), a accommodation service unit under Vingroup (code VIC), officially listed its shares on HOSE after raising about VND5,000 billion from the IPO held in February.
Another notable deal is that Technology Trading Securities Joint Stock Company (TCBS) also officially opened the IPO stock registration portal from 8:00 a.m. today (December 19, 2025).
Accordingly, from August 19 to September 8, 2025, TCBS will issue more than 231 million shares, equivalent to 11.11% of charter capital, with an offering price of VND 46,800/share, expected to mobilize about VND 10,800 billion. After IPO, the company's charter capital will increase to more than VND23,133 billion, strengthening its position as one of the largest securities companies in the market, before listing on HOSE in the fourth quarter of 2025.
If VPBankS implements IPO this year, this will be one of the major deals on the stock market, adding more large-scale enterprises to the market.
Business is booming
In the second quarter of 2025, VPBankS recorded strong business growth in many sectors, with new record operating revenue reaching more than VND 1,181 billion, up nearly 70% over the previous quarter and up 83% over the same period.
Contributing more than half of operating revenue is profit from financial assets recorded through interest/ loss (FVTPL), reaching VND597 billion, nearly double the same period. In particular, the profit from selling listed stocks and un listed bonds both increased sharply over the same period.
Interest from loans and receivables, mainly from customer margin lending activities (margin), brought in nearly VND384 billion, up 47% quarter-on-quarter and the highest level in VPBankS' history. In addition, the company also recorded revenue of 104 billion VND from financial consulting activities.
While revenue growth is sudden, operating expenses continue to be tightly controlled, only nearly 27% over the same period. Thanks to that, VPBankS recorded a record pre-tax profit of more than VND 549 billion, up 73% over the same period and up nearly 57% over the previous quarter. Compared to the second quarter of 2022, when VPBankS officially became a member of the VPBank ecosystem, the profit was more than 6 times higher.
In the first half of 2025, VPBankS achieved revenue of more than VND 1,885 billion and profit of nearly VND 900 billion. As of the end of the second quarter, outstanding deposits continued to set a new record, reaching VND17,635 billion, up VND4,875 billion (equivalent to 38%) compared to the end of the first quarter and VND8,188 billion compared to the beginning of the year.
With equity capital in the leading market group, reaching VND18,194 billion at the end of the second quarter, the remaining VPBankS deposit lending space is still large, about more than VND18,750 billion. This is considered an opportunity to expand margin's lending activities in the coming time.
margin balance and strong increase in cash also contributed to bringing VPBankS' total assets at the end of the second quarter of 2025 to VND 50,901 billion, nearly double the beginning of the year.
