F88 Approves HoSE Listing Transfer After VND 782B August 2026 IPO

Overview

F88 (UPCoM: F88) has passed a board resolution to move its share listing from UPCoM to the HoSE, filing the registration dossier after completing its August 2026 initial public offering. The pawn and consumer-lending platform raised nearly VND 782 billion in that IPO at VND 71,000 per share, and now reports H1 2026 revenue growth of 62.6% and profit growth of 114% year-over-year. The transfer, if approved, would place the consumer-finance lender on Vietnam’s main board and broaden its institutional investor base.

Key Facts

• F88’s board approved a resolution to move its shares from UPCoM to the HoSE and to file the listing registration dossier.
• The August 2026 IPO sold more than 11 million shares to 540 investors, equal to 50% of the registered offering volume.
• The offering price was VND 71,000 per share, raising nearly VND 782 billion (approximately USD 31.3 million).
• Domestic investors received 5.86 million shares across 535 accounts; foreign investors received 5.14 million shares across 5 accounts.
• Charter capital rose by VND 110.1 billion to VND 2,315.3 billion after the issuance.
• H1 2026 service revenue reached VND 2,183 billion, up 62.6%, with after-tax profit near VND 545 billion, up 114%.
• Total assets stood at VND 7,719 billion as of 30 June 2026, up 13% over six months, including over VND 5,000 billion in short-term financial investments.
• F88 shares closed at VND 53,900 on 29 September 2026.

What Happened

According to the company’s board resolution, F88 will register its shareholder list with the Vietnam Securities Depository and Clearing Corporation, prepare and submit a listing registration file to the HoSE, and respond to any requests from the exchange for supplementary documentation. The board delegated authority to Chairman Phùng Anh Tuấn to decide the appropriate timing and to execute the listing filings.

The move follows the completed August 2026 public offering, in which F88 sold more than 11 million shares to 540 investors, or half of the registered volume. Domestic investors took 5.86 million shares and foreign investors 5.14 million. At VND 71,000 per share the deal raised nearly VND 782 billion and lifted charter capital to VND 2,315.3 billion. F88 now counts 3,869 shareholders, including 118 foreign holders and six major shareholders, among them Chairman Phùng Anh Tuấn and board member Ngô Quang Hưng.

Market Context

F88 trades on UPCoM, Vietnam’s unlisted public company market, where liquidity and disclosure standards are lighter than on the HoSE. The stock closed at VND 53,900 on 29 September 2026, roughly 24% below the VND 71,000 IPO subscription price, a gap that reflects cautious sentiment toward consumer-finance names even as the company’s H1 2026 earnings grew sharply. A HoSE listing would put F88 alongside the main-board financial services cohort and could improve index eligibility and foreign access over time.

Strategic Significance

The listing transfer is the logical second step after the IPO: HoSE membership typically brings higher visibility, tighter disclosure obligations and a wider pool of institutional and foreign capital. For F88, whose balance sheet carries VND 4,725 billion in liabilities including VND 2,585 billion of short-term bonds and VND 1,200 billion of long-term bonds, a main-board listing supports future refinancing and capital-raising flexibility. The strategic question for long-term holders is whether the 62.6% revenue and 114% profit growth of H1 2026 can be sustained as the company scales its secured lending model under stricter listed-company scrutiny.

What to Watch

• HoSE’s acceptance or request for supplementary documents on the listing registration file.
• The date F88 fixes for closing its shareholder list with the Vietnam Securities Depository and Clearing Corporation.
• Q3 2026 earnings, to test whether H1 revenue and profit momentum carries into the second half.
• Any change in the short-term bond balance of VND 2,585 billion and long-term bond balance of VND 1,200 billion.
• Foreign-ownership room and shareholder-count disclosures once the HoSE listing is effective.