LPBS Sets Reference Price at VND 30,000 for HoSE Debut, IPO Raises VND 4.3 Trillion

Overview

LPBS (LPBank Securities, ticker: LPS) has set the reference price for its first trading day on the Ho Chi Minh City Stock Exchange (HoSE) at VND 30,000 per share. The company listed over 1.4 billion shares following a successful IPO that raised VND 4.3 trillion (USD 170 million). LPBS also reported strong Q2 2026 results, with pre-tax profit surging 140% year-on-year to VND 628 billion.

Key Facts

• Reference price for LPS first trading day on HoSE: VND 30,000 per share.
• Over 1.4 billion shares listed, with 141.86 million shares sold in IPO to 1,005 domestic investors on June 16, 2026.
• IPO proceeds: VND 4,256 billion (approx. USD 170 million).
• Post-IPO charter capital: VND 14,086.6 billion (up from VND 12,668 billion).
• Q2 2026 pre-tax profit: VND 628 billion, up 140% YoY.
• H1 2026 pre-tax profit: VND 718 billion, up 130% YoY, achieving 42% of full-year target of VND 1,700 billion.
• Total assets as of June 30, 2026: VND 38,088 billion, up 27% from year-end 2025.

What Happened

LPBS announced the reference price for its first trading day on HoSE at VND 30,000 per share, based on the IPO offer price. The first trading day is expected in Q3 2026. The IPO of 141.86 million shares was completed on June 16, 2026, with all shares freely transferable except for 113,400 shares allocated to investor Hoang Thi Hoai Thuong, which are subject to a one-year lock-up.

The company plans to use 45% of IPO proceeds to supplement margin lending capital, 42.75% for other financial product investments (deposits and certificates of deposit), 11.75% for proprietary trading (corporate bonds, government bonds, and equities), and 0.5% for IT infrastructure and security systems.

LPBS also reported strong Q2 2026 financial results, with operating revenue of VND 1,664 billion (up 276% YoY), driven by gains from financial assets at FVTPL (VND 940 billion, up 230%) and lending income (VND 351 billion, up 426%). The company also recorded VND 150 billion from underwriting and agency issuance, compared to none in the same period last year. However, the brokerage segment reported a gross loss of VND 1 billion.

Market Context

LPS will debut on HoSE, the main exchange for large-cap stocks in Vietnam, moving from UPCOM or OTC trading. The securities sector has seen increased activity amid a recovering stock market. LPBS’s strong Q2 results and IPO success position it as a mid-sized securities firm with a focus on margin lending and proprietary trading. The reference price of VND 30,000 implies a market capitalization of approximately VND 42 trillion (USD 1.69 billion) based on 1.4 billion shares.

Strategic Significance

The listing on HoSE enhances LPBS’s visibility and liquidity, potentially attracting more institutional and foreign investors. The IPO proceeds will significantly boost its capital base, allowing the company to expand margin lending and proprietary trading, which are key revenue drivers. The strong Q2 performance, particularly in lending and underwriting, suggests that LPBS is capitalizing on market opportunities. However, the brokerage segment’s continued losses indicate competitive pressures. The company’s ability to achieve its full-year profit target of VND 1,700 billion will be a key test.

What to Watch

• First trading day performance on HoSE and price movement relative to reference price.
• Q3 2026 earnings release to assess whether growth momentum is sustained.
• Utilization of IPO proceeds and impact on margin lending and proprietary trading volumes.
• Any changes in foreign ownership limits or investor interest post-listing.
• Regulatory developments affecting the securities sector, such as margin lending caps or capital requirements.