Bao Tin Manh Hai Plans IPO on HOSE in Q4 2026, Selling at Least 15% Stake
This Aveluro analysis covers PNJ (Vàng Bạc Đá Quý Phú Nhuận) in the Personal Goods sector. The classified event type is ipo, with positive sentiment and a deterministic market-impact score of 4.2/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
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Overview
Bao Tin Manh Hai, one of Vietnam’s largest gold retailers, is preparing for an initial public offering (IPO) on the Ho Chi Minh City Stock Exchange (HOSE) in Q4 2026, with plans to sell at least 15% of its shares. The company reported a dramatic surge in 2025 profit to VND 774 billion from VND 21.9 billion in 2024, reflecting strong revenue growth. The IPO comes amid Vietnam’s ongoing gold market reforms, which are reshaping the competitive landscape.
Key Facts
- Bao Tin Manh Hai plans to list on HOSE in Q4 2026, selling at least 15% of its shares.
- The company’s 2025 after-tax profit reached VND 774 billion (USD 29.4 million), up from VND 21.9 billion in 2024.
- Revenue surged to nearly VND 28,000 billion in 2025 from approximately VND 2,500 billion in 2024.
- The company is working with SSI Securities and other advisors for valuation and listing preparation.
- It will be the second gold company listed on HOSE, after Phu Nhuan Jewelry (PNJ).
- The IPO is expected to take place after the company receives approval to produce gold bars, which it expects by mid-2026.
- Vietnam’s VN-Index rose about 41% in 2025 and has gained over 7% year-to-date in 2026.
What Happened
According to a Bloomberg report on May 18, 2026, Bao Tin Manh Hai, a Hanoi-based gold and jewelry company, is in the pre-IPO stage and plans to begin investor meetings from June 2026. Chairman Vu Hung Son stated the company intends to sell at least 15% of its shares in the IPO, though the fundraising target was not disclosed. The company is working with SSI Securities and other advisors for valuation and listing.
The IPO is scheduled for Q4 2026, with a listing on HOSE in the same quarter. Bao Tin Manh Hai has already held discussions with potential strategic investors. The company expects to receive approval to produce gold bars by mid-2026, as Vietnam’s State Bank has received applications from 11 enterprises and credit institutions for gold bar production licenses as of April 2026.
Market Context
PNJ, the only other listed gold company on HOSE, closed at VND 67,300 on May 17, 2026, down 3.17% with volume of 1,447,200 shares. The broader VN-Index has risen over 7% year-to-date in 2026, following a 41% gain in 2025, which has revived investor interest and encouraged companies to raise capital via the stock market. Bao Tin Manh Hai’s IPO would add a new pure-play gold retailer to the exchange, potentially increasing sector competition.
Strategic Significance
Bao Tin Manh Hai’s IPO is strategically significant as it capitalizes on Vietnam’s gold market reforms, including the removal of the state monopoly on gold bar production. The company’s strong financial performance in 2025, with profit surging over 34-fold, reflects its ability to capture market share in a liberalizing environment. Listing on HOSE will provide access to public capital for expansion and enhance corporate governance, positioning it to compete directly with PNJ. The IPO also signals growing investor appetite for gold-related equities amid rising gold prices and regulatory changes.
What to Watch
- Approval of Bao Tin Manh Hai’s gold bar production license by mid-2026.
- Final IPO pricing and valuation details, including the percentage of shares sold and any strategic investor participation.
- PNJ’s financial results and market reaction to the new competitor.
- Further gold market reforms by the State Bank of Vietnam, including potential changes to import/export regulations.
- Q3 2026 earnings reports from both Bao Tin Manh Hai and PNJ to gauge competitive dynamics.