Businesses turn to stock market for fresh capital

Following a series of ‘blockbuster’ deals from late 2025 to date, the stock market continues to see a growing number of companies embracing plans to conduct IPOs and list their shares.

Among securities firms, Capital Securities has announced a plan to offer up to 12 million shares, equivalent to 40 per cent of its total outstanding shares. If the offering is completed, the company’s charter capital will increase from $12 million to $16.8 million.

Of the proceeds raised, the company will allocate 50 per cent to proprietary securities trading, while the remaining 50 per cent will be used to supplement capital for margin lending and advances against securities sales proceeds.

Raising capital through the stock market enables firms to draw in long-term funding. Photo: baodautu.vn

Last week, LPBank Securities Corporation made its debut on the Ho Chi Minh Stock Exchange (HSX), with a reference price of $1.2 per share in the first trading session.

Its market capitalisation reached more than $1.69 billion, placing it among the securities firms with the largest market capitalisations in the market.

Other deals have also secured attention. Kafi Securities is expected to offer 125 million shares to the public at a minimum price of $0.60 per share, while simultaneously issuing 3.75 million shares under its employee stock ownership plan.

Of the minimum $75 million expected to be raised from the offering, the company plans to use more than $52.5 million to supplement capital for margin lending and $22.5 million to supplement capital for proprietary trading.

After raising its charter capital to nearly $440 million, HD Securities Corporation (HDS) is expected to proceed with an IPO of 164 million shares, as disclosed at the company’s 2026 AGM in April.

According to Vu Huu Dien, chairman of the Board of Directors at HDS, HDS’s parent group is working to strengthen the financial capacity of companies within its ecosystem.

“Specifically, both HD Saison and HD Securities (HDS) have IPO plans in the coming period. Alongside capital raising, the group is also working to improve corporate governance and proactively engage with reputable international credit-rating agencies,” he said.

Recently, Fitch Ratings assigned HDBank an international credit rating of BB- with a Stable Outlook. This is among the highest ratings awarded to private joint stock commercial banks in Vietnam.

A series of other notable IPO deals are also underway, including the IPO of DatVietVAC and that of Asia-USA Industrial JSC, among others.

In addition, many businesses are pursuing capital hike plans.

On August 21, the extraordinary AGM of Electric Power Finance JSC approved a plan to privately place up to 85 million ordinary shares with professional securities investors, both domestic and foreign.

If successfully completed, the company’s charter capital will increase from approximately $304.2 million to a maximum of $338.2 million, equivalent to an increase of 11.2 per cent.

The capital will help the company meet capital adequacy requirements and prepare resources for its business plan for 2027-2028 period.

After transferring its listing in July, Miza JSC is continuing to implement a plan to offer 30 million shares to existing shareholders at $0.40 per share.

The proceeds will be contributed to its subsidiary, Miza Nghi Son Co., Ltd., to invest in expanding production and business operations.

The flurry of capital-increase deals and IPOs to some extent shows that businesses are increasingly turning to the stock market as a capital-raising channel, placing greater expectations on a recovery in market conditions.

From a broader perspective, serving the double-digit economic growth target in 2026 as well as the average growth rate for 2026-2030 will require enormous investment resources.

Accordingly, other capital channels need to be developed, including the corporate bond and equity markets, rather than relying entirely on a single channel as bank credit.

According to Dien of HDS, fortunately, both pillars of the financial market – the bond market and the equity market – have recently been showing very positive signals.

“Vietnam is one of the countries with the fastest economic growth rates in Asia and the world, while also being located in an extremely dynamic economic region. What remains is for businesses to demonstrate the quality of their earnings, growth, competitive advantages and corporate governance to access this abundant yet selective pool of capital,” he said.

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