HD Securities (HDS) Sets IPO Price at VND 38,900, Valuing Firm at USD 1.8B

Overview

HD Securities (HDS) has approved an IPO price of VND 38,900 per share for nearly 121.8 million shares, a deal that would raise more than VND 4,737 billion and imply a post-issue equity value of roughly VND 47,400 billion, or about USD 1.8 billion. The offering equals around 10% of post-issue charter capital and is the first step in HDS’s path toward listing. The parent ecosystem, HDBank (HDB), is the distribution and client-sourcing backbone behind the growth story.

Key Facts

• IPO price set at VND 38,900 per share for nearly 121.8 million shares, about 10% of post-issue charter capital.
• Gross proceeds of more than VND 4,737 billion if fully distributed; post-issue equity value of about VND 47,400 billion (approximately USD 1.8 billion).
• 60% of proceeds, around VND 2,842 billion, allocated to margin lending; 10% to advances on securities sales; 30% split equally between corporate bonds and government bonds.
• Disbursement planned from Q4/2026 through the end of Q2/2027.
• Equity reached VND 14,041 billion at 30 September 2026, roughly four times the start of the year; margin loan balance VND 10,746 billion, more than double end-Q2; capital adequacy ratio 434%.
• 9M2026 revenue VND 3,018 billion (2.6x year-on-year) and pre-tax profit VND 2,241 billion (3.7x); annualised ROE 27.5%.
• Investment banking contributed VND 1,102 billion, or 36.5% of revenue, including VND 982 billion from underwriting.

What Happened

The Board of Directors of Công ty Cổ phần Chứng khoán HD approved the VND 38,900 offer price and signed off on the IPO registration dossier for submission to the State Securities Commission (Ủy ban Chứng khoán Nhà nước), according to the company’s announcement. The shares on offer represent about 10% of post-issue charter capital. HDS said the timing and subscription mechanics will be published only after the regulator issues the offering registration certificate, so the calendar is not yet fixed.

The use-of-proceeds plan is explicit. Margin lending absorbs 60% of the raise, about VND 2,842 billion, with 10% for advances on securities sales and the remaining 30% divided equally between corporate and government bonds. The company enters the deal with equity of VND 14,041 billion at 30 September 2026, four times the level at the start of the year, and margin loans of VND 10,746 billion, more than double the end-Q2 figure. Chairman Vũ Hữu Điền has framed the growth case around the gap between HDS’s current scale and the client and corporate base inside the HDBank financial ecosystem, which spans aviation, infrastructure and industrial sectors and distributes products through HDBank and Vikki Digital Bank.

Market Context

HDS is unlisted and trades over the counter ahead of its planned listing, so the IPO price is the first hard public valuation marker for the equity. The read-across is to HDBank (HDB), listed on HOSE, which closed at VND 22,200 on 4 November 2026. The securities sector has been the most direct beneficiary of the margin-financing cycle, with brokerage balance sheets expanding sharply through 2026; HDS’s own margin book more than doubling in a single quarter illustrates the pace. A successful IPO would add a well-capitalised, bank-backed broker to the competitive set and give HDB a listed affiliate with an independent funding channel.

Strategic Significance

The thesis rests on capital, not just price. HDS is raising equity at a moment when its return profile is unusually strong, with 9M2026 pre-tax profit up 3.7x and annualised ROE of 27.5%, and it is deploying the money into margin lending rather than into proprietary risk. That is a bet on continued retail and institutional leverage demand, funded by permanent equity instead of wholesale borrowing. The investment banking franchise, at 36.5% of revenue and dominated by underwriting fees, is the differentiator: it gives HDS deal flow from HDBank’s corporate relationships that standalone brokers cannot easily replicate. The main risk is cyclical, since margin revenue and underwriting fees both depend on market turnover and issuance activity holding up through the 2026-2027 disbursement window.

What to Watch

• State Securities Commission issuance of the offering registration certificate, which triggers the subscription timetable.
• Announced subscription dates and any institutional allocation, plus foreign-ownership limits for the deal.
• The listing application and exchange selection (HOSE, HNX or UPCOM) following completion of the offer.
• Q4/2026 and Q1/2027 margin loan balances, to confirm the VND 2,842 billion is being deployed as planned.
• HDBank (HDB) disclosures on cross-selling and any related-party funding arrangements with HDS.