Tuấn Anh Group (V68) Surges 60% on UPCoM Debut, Market Cap Doubles Everpia

Overview

Tuấn Anh Group (V68) made a striking debut on the UPCoM exchange, with shares surging 60% in the first two trading sessions. The company’s market capitalization now stands at nearly 680 billion VND, double that of competitor Everpia (EVE). This IPO highlights the company’s concentrated ownership and substantial production capacity, positioning it as a significant player in Vietnam’s bedding and textile sector.

Key Facts

• V68 debuted on UPCoM on August 18, 2026, with a reference price of 12,800 VND per share.
• The stock hit the daily limit up (40%) on its first day, closing at 17,900 VND, and rose another 14.5% to 20,500 VND on August 19.
• Market capitalization reached nearly 680 billion VND, more than double EVE’s ~350 billion VND.
• Chairman Nguyễn Tuấn Anh holds 74.17% of shares (24.5 million shares); other insiders hold 4% and 4.8%.
• Free-float is less than 20%, making it one of the most concentrated shareholder structures in the sector.
• The company operates a 150,000 m² facility in Hải Phòng with 10 workshops and 5 warehouses, producing over 3 million textile products and 1.5 million mattresses annually.
• Everpia (EVE) has three factories totaling over 70,000 m², while May Sông Hồng (MSH) has one domestic branch in Ninh Bình.

What Happened

Tuấn Anh Group (CTCP Đầu tư Sản xuất và Thương mại Tuấn Anh) officially began trading on UPCoM on August 18, 2026. The stock immediately captured investor attention, hitting the 40% ceiling on its first day and continuing to rise the next session. By August 19, V68 had gained over 60% from its reference price, marking one of the most impressive debuts in recent months.

The company’s market value now exceeds that of Everpia (EVE), the owner of the Everon brand, which closed at 8,300 VND per share with a market cap of nearly 350 billion VND. Tuấn Anh Group’s core business is bedding products, similar to Everpia, while May Sông Hồng (MSH) focuses primarily on export garment manufacturing, with bedding accounting for only about 10% of its revenue.

Market Context

V68’s debut on UPCoM comes amid a broader rally in Vietnamese consumer staples and textile stocks. The stock’s 60% surge in two sessions reflects strong retail interest, likely driven by the company’s dominant market position and growth potential. In comparison, EVE closed at 8,300 VND on August 19, 2026, and MSH at 30,200 VND. V68’s market cap of 680 billion VND now positions it as the largest pure-play bedding company on the exchange, despite its recent listing.

Strategic Significance

Tuấn Anh Group’s IPO highlights the strategic value of its concentrated ownership and large-scale production. With a 74.17% stake held by the chairman, the company has a tightly controlled governance structure, which can facilitate faster decision-making. Its 150,000 m² facility in Hải Phòng gives it a significant cost advantage and capacity to scale, potentially allowing it to capture more market share from competitors like Everpia. For long-term investors, the key question is whether the company can leverage this scale to improve margins and expand distribution, especially as the bedding market in Vietnam grows with rising middle-class consumption.

What to Watch

• Q3 2026 earnings report to assess revenue growth and margin trends.
• Any announcements regarding capacity expansion or new product lines.
• Changes in shareholder structure, particularly any reduction in the chairman’s stake.
• Competitive response from Everpia (EVE) and May Sông Hồng (MSH) in terms of pricing or marketing.
• Regulatory updates on UPCoM listing requirements that could affect liquidity.