LPBS (LPS) Debuts on HOSE with 6% Gain, Market Cap Hits VND 44.8 Trillion

Overview

LPBS (LPS), the securities arm of LPBank, made its trading debut on the HOSE on August 18, closing at VND 31,800, up 6% from the reference price of VND 30,000. The first-day gain pushed the company’s market capitalization to approximately VND 44.8 trillion (about USD 1.79 billion). The listing follows a successful IPO in June that raised VND 4,256 billion.

Key Facts

• LPS closed its first trading day on HOSE at VND 31,800, up 6% from the reference price of VND 30,000.
• Market capitalization reached approximately VND 44.8 trillion (USD 1.79 billion) at the close.
• The company reported Q2 2026 net profit of nearly VND 503 billion, up 2.4x year-on-year.
• Six-month 2026 net profit reached VND 575 billion, with pre-tax profit of VND 718 billion, achieving 42% of the full-year target of VND 1,700 billion.
• The IPO in June sold nearly 142 million shares at VND 30,000 each, raising VND 4,256 billion; charter capital increased from VND 12,668 billion to VND 14,087 billion.
• Five major shareholders hold a combined 52.77% of LPS, with related parties bringing the total to 61.72%.
• Two children of former LPBank chairman Nguyen Duc Thuy each hold 190 million shares (13.49%), valued at VND 6,043 billion each at the debut close.

What Happened

LPBS (LPS) began trading on the Ho Chi Minh Stock Exchange (HOSE) on August 18, with over 1.4 billion shares listed. The stock closed at VND 31,800, a 6% increase from the reference price, resulting in a market capitalization of about VND 44.8 trillion. According to the listing prospectus, the company has five major shareholders, all individuals, with the largest being Nguyen Ngoc My Anh and Nguyen Xuan Thai, children of Nguyen Duc Thuy, former chairman of LPBank and current vice chairman of Sacombank.

My Anh (born 2001) and Xuan Thai (born 2003) each hold 190 million shares, representing 13.49% of charter capital. At the debut close, each stake was worth VND 6,043 billion. Their father directly owns 62.7 million shares (4.45%), bringing the family’s total to 31.43% of the company, valued at over VND 14,000 billion. The other major shareholders include Nguyen Thi Minh Anh (8.76%), Nguyen Quoc Anh (4.47%), Ngo Quyet Tien (8.71%), and Pham Thu Hang (8.32%).

Market Context

LPS’s debut on HOSE comes amid a buoyant Vietnamese securities sector, with rising retail participation and strong brokerage earnings. The stock’s 6% first-day gain is modest compared to some recent listings, but the market cap of VND 44.8 trillion places it among the larger securities firms on the exchange. The company’s Q2 2026 net profit of VND 503 billion marks its first quarter above the VND 500 billion threshold, reflecting robust trading volumes and investment banking activity. LPS trades on HOSE under the ticker LPS.

Strategic Significance

For long-term investors, LPS’s listing provides exposure to a fast-growing securities firm backed by the LPBank ecosystem. The company’s strong profit growth, driven by a favorable market environment and expanding product offerings, positions it well to capitalize on Vietnam’s developing capital markets. The significant ownership by the founding family and related parties (61.72%) suggests a tightly controlled governance structure, which may limit free float but also aligns management interests with shareholders. The successful IPO and subsequent listing enhance LPS’s capital base, enabling it to expand its brokerage, margin lending, and investment banking operations.

What to Watch

• Q3 2026 earnings release, expected in October, to see if profit momentum continues.
• Any regulatory changes affecting the securities sector, such as margin lending limits or new product approvals.
• Foreign ownership levels, as the IPO was limited to domestic investors; potential for future foreign participation.
• Progress toward the full-year profit target of VND 1,700 billion, with six-month results at 42%.
• Trading liquidity and price stability in the first few weeks post-listing.