LPBank Securities, Dien May Xanh, BVBank debut on HoSE in Q3 2026

Overview

In Q3 2026, three companies—LPBank Securities (LPS), Dien May Xanh (DMX), and BVBank (BVB)—made their debut on the Ho Chi Minh Stock Exchange (HoSE). The listings include two IPOs and one transfer from UPCoM, collectively raising over VND 17.5 trillion and adding significant market capitalization to the exchange.

Key Facts

• LPS listed 1.4 billion shares on HoSE on August 18, 2026, with a reference price of VND 30,000 per share.
• LPS raised VND 4,256 billion from its IPO of 141.86 million shares to 1,005 domestic investors on June 16, 2026.
• LPS increased its charter capital from VND 12,668 billion to VND 14,086.6 billion post-IPO.
• DMX listed over 1.26 billion shares on HoSE on August 6, 2026, with a reference price of VND 80,000 per share, implying a market cap of VND 101,418 billion.
• DMX raised VND 13,315 billion from its IPO, selling 166.4 million shares out of 179.5 million registered; proceeds will be used to repay bank debt.
• BVB transferred from UPCoM to HoSE on July 21, 2026, with 640.8 million shares trading at a reference price of VND 13,100 per share, implying a market cap of VND 8,395 billion.
• BVB’s charter capital has grown from VND 5 billion initially to VND 6,408.2 billion through 14 capital increases.

What Happened

LPBank Securities (LPS), a subsidiary of LPBank, completed its IPO in June 2026, selling 141.86 million shares to domestic investors. The shares began trading on HoSE on August 18, 2026, at a reference price of VND 30,000. The company plans to use 45% of the proceeds for margin lending, 42.75% for financial product investments, 11.75% for proprietary trading, and 0.5% for IT infrastructure. Post-IPO, LPS has 1,097 shareholders, all domestic, with five major shareholders holding 52.77% of charter capital.

Dien May Xanh (DMX), a major electronics retailer, listed on HoSE on August 6, 2026, after raising VND 13,315 billion in its June IPO. The company sold 166.4 million shares out of 179.5 million registered, with 2,646 investors participating. The entire IPO proceeds will be used to repay bank debt. BVBank (BVB) transferred from UPCoM to HoSE on July 21, 2026, following its delisting from UPCoM on July 8, 2026. The transfer was approved by shareholders and marks a strategic move to enhance liquidity and visibility.

Market Context

As of August 31, 2026, LPS closed at VND 26,200, below its IPO price of VND 30,000, indicating initial selling pressure. DMX closed at VND 79,900, slightly below its reference price of VND 80,000, while BVB closed at VND 12,050, down from its reference of VND 13,100. These listings come amid a broader trend of companies moving to HoSE to attract institutional investors and improve trading liquidity. The Vietnamese stock market has seen increased activity in 2026, with several IPOs and transfers from UPCoM.

Strategic Significance

For LPS, the listing provides access to capital for expanding its margin lending and proprietary trading, positioning it to compete with larger securities firms. DMX’s IPO proceeds will reduce its debt burden, potentially improving its balance sheet and enabling future expansion. BVB’s transfer to HoSE enhances its credibility and may attract more foreign investment, supporting its growth as a mid-tier bank. These listings reflect a maturing Vietnamese capital market, with companies seeking to leverage public markets for growth.

What to Watch

• LPS’s Q3 2026 earnings report, due in October, to assess margin lending growth and profitability.
• DMX’s debt repayment progress and any impact on its retail expansion plans.
• BVB’s ability to maintain its stock price above the reference level and attract institutional interest.
• Any follow-on equity offerings or strategic partnerships announced by these companies.
• Regulatory changes affecting IPO and listing requirements on HoSE.