LPBS Files for HoSE Listing After Successful IPO Raising VND 4,256 Billion

Overview

LPBS, the securities arm of LPBank, has submitted a listing application to HoSE for over 1.4 billion shares, following a completed IPO that raised VND 4,256 billion. The company intends to use the funds to expand margin lending, financial investments, proprietary trading, and IT infrastructure. The move marks a key step in LPBS’s transition from private to public trading on Vietnam’s main exchange.

Key Facts

• LPBS filed for listing on HoSE on July 9, 2026, with over 1.4 billion shares, equivalent to charter capital of VND 14,086.6 billion.
• The IPO was completed on June 16, 2026, selling 141.86 million shares to 1,005 domestic investors at VND 30,000/share.
• Total proceeds from the IPO amounted to VND 4,256 billion (approximately USD 170.24 million).
• Post-IPO, LPBS’s charter capital increased from VND 12,668 billion to VND 14,086.6 billion.
• The company plans to allocate 45% of IPO proceeds to margin lending, 42.75% to financial investments (deposits and certificates of deposit), 11.75% to proprietary trading (bonds and equities), and 0.5% to IT infrastructure.
• LPBS has 1,097 shareholders post-IPO, all domestic, with five major shareholders holding 52.77% of charter capital.
• Among major shareholders, Nguyen Xuan Thai and Nguyen Ngoc My Anh are children of Nguyen Duc Thuy, Vice Chairman of Sacombank.

What Happened

LPBS submitted its listing application to HoSE on July 9, 2026, seeking to list over 1.4 billion shares. The filing follows a successful IPO on June 16, 2026, where the company sold 141.86 million shares to domestic investors at VND 30,000 per share, raising VND 4,256 billion. The IPO shares are freely transferable except for 113,400 shares allocated to investor Hoang Thi Hoai Thuong, which are subject to a one-year lock-up. Share transfer is expected in July 2026.

The company disclosed a detailed use of proceeds: 45% for margin lending, 42.75% for financial investments (bank deposits and certificates of deposit), 11.75% for proprietary trading (corporate bonds, government bonds, and equities), and 0.5% for IT infrastructure. Post-IPO, LPBS’s charter capital rose to VND 14,086.6 billion. The company also recently approved the resignation of independent board member Pham Quang Hung and elected Pham Thi Duyen as his replacement.

Market Context

LPBS is a securities company affiliated with LPBank, a mid-tier Vietnamese bank. The listing on HoSE, Vietnam’s main exchange, is expected to improve the stock’s liquidity and visibility. The securities sector has seen increased activity as retail participation grows. LPBS’s IPO price of VND 30,000 implies a market capitalization of approximately VND 14,087 billion (USD 563.46 million). The stock is currently traded on UPCOM or OTC, and the HoSE listing could attract more institutional and foreign investors, though foreign ownership limits may apply.

Strategic Significance

The listing on HoSE is a strategic milestone for LPBS, enabling access to a broader investor base and potentially lowering its cost of capital. The allocation of IPO proceeds heavily toward margin lending (45%) and financial investments (42.75%) indicates a focus on leveraging the securities firm’s balance sheet to capture retail trading demand. The involvement of major shareholders linked to Sacombank’s leadership suggests strong banking sector ties. Long-term, the listing could position LPBS as a more competitive player among Vietnam’s top securities firms, though it faces stiff competition from larger peers like SSI and HCM.

What to Watch

• Official listing date and first trading day on HoSE, expected in Q3 2026.
• Q3 2026 earnings report to assess margin lending growth and investment returns.
• Any changes in major shareholder stakes post-listing, especially foreign ownership.
• Regulatory updates on margin lending caps and securities market conditions.
• Potential follow-on capital raises or M&A activity as LPBS scales operations.