LPBS Plans IPO of 141M Shares in Q2, Targets HoSE Listing

Overview

LPBS, a Vietnamese securities company, plans to offer over 141 million shares in an initial public offering (IPO) in the second quarter of 2025, with a subsequent listing on the Ho Chi Minh Stock Exchange (HoSE). The IPO is expected to increase its charter capital to over VND 14 trillion and position the firm among the top six securities companies by market capitalization. LPBS targets strong growth in 2026, with revenue of VND 3.8 trillion and pre-tax profit of VND 1.7 trillion.

Key Facts

• LPBS plans to offer over 141 million shares in an IPO in Q2 2025, with no lock-up period for investors.
• The company aims to list on HoSE immediately after the IPO, increasing charter capital to VND 14,086 billion.
• Post-IPO, equity is expected to approach VND 18,000 billion, with a leverage ratio of 1.6x, below the industry average of 2.4x.
• LPBS targets 2026 revenue of VND 3,800 billion (+125% vs 2025) and pre-tax profit of VND 1,700 billion (+160% vs 2025).
• As of end-2025, total assets reached nearly VND 30,000 billion (+500% YoY), and assets under management (AUM) reached nearly VND 72,000 billion.
• 2025 revenue was VND 1,687 billion (+775% YoY) and net profit was over VND 522 billion (+550% YoY).
• LPBS holds a credit rating of A- with stable outlook from VIS Rating.

What Happened

LPBS announced its plan to conduct an IPO of over 141 million shares in the second quarter of 2025, with the intention to list on HoSE shortly after completion. The company stated that investors participating in the IPO will not be subject to any share transfer restrictions. The move is part of a strategic effort to enhance financial capacity, invest in technology, expand operations, and strengthen its position in the Vietnamese securities market.

According to the company, the IPO will increase charter capital to VND 14,086 billion and push equity close to VND 18,000 billion. Post-IPO leverage is expected at 1.6 times, lower than the industry average of 2.4 times. LPBS is the first securities firm to announce an IPO plan this year. The company also set ambitious targets for 2026, including revenue of VND 3,800 billion and pre-tax profit of VND 1,700 billion, representing growth of 125% and 160% respectively from 2025.

Market Context

LPBS is currently unlisted but plans to join HoSE, Vietnam’s main exchange. The securities sector has seen strong growth in recent years, driven by rising retail participation and corporate financing needs. LPBS’s rapid asset growth (nearly 500% in 2025) and high profitability place it among the fastest-growing firms. The IPO comes at a time when market sentiment is positive, with the VN-Index hovering near recent highs. The company’s post-IPO market capitalization is expected to rank among the top six securities firms, intensifying competition in the sector.

Strategic Significance

The IPO is a key step in LPBS’s strategy to scale up and compete with larger, established securities companies. By raising equity and listing on HoSE, LPBS gains access to a broader investor base and improved liquidity. The company’s focus on margin lending, financial investments, and capital management, combined with a conservative leverage profile, positions it for sustainable growth. The credit rating of A- with stable outlook from VIS Rating underscores its financial health. The ambitious 2026 targets suggest management confidence in capturing market share, particularly in digital channels and high-ROE segments.

What to Watch

• Completion of the IPO in Q2 2025 and the final offer price.
• Listing date on HoSE and initial trading performance.
• Q1 2026 earnings report to gauge progress toward 2026 targets.
• Changes in market share among top securities firms post-IPO.
• Any regulatory changes affecting securities margin lending or capital requirements.