DNSE Executive: Vietnamese Companies Must Get IPO Pricing and Timing Right
A DNSE executive said at a November 12 forum that several Vietnamese IPOs since late 2025 have fallen short of issuers’ expectations. He identified offer prices, the proportion of shares offered to the public, timing and investor awareness as key factors. Lower interest rates and returning capital could improve conditions for IPOs and listings in the second half of 2027.
On November 12, Nguyễn Hoàng Việt, deputy general director in charge of capital markets at CTCP Chứng khoán DNSE, said at an investment forum that several initial public offerings (IPOs) in Vietnam since late 2025 had fallen short of issuers’ expectations. He identified offer prices, the proportion of shares offered to the public, timing and companies’ visibility among investors as the four main factors affecting their results.
Nguyễn Hoàng Việt said the offer price is often the first hurdle for investors. Some companies use discounted cash flow valuations, with prices already reflecting expectations for business performance over the next few years. Even if a company grows as projected, an investor’s initial purchase price still has a significant effect on returns. He also noted that some offerings make only a small proportion of shares available to the public. If investors hold those shares for the long term, the number available to trade after listing shrinks further, making large purchases and sales more difficult.
Nguyễn Hoàng Việt, deputy general director in charge of capital markets at CTCP Chứng khoán DNSE.（VietVance）
On timing, he said a rising market makes it easier for companies to attract capital, while investors in a weak market tend to favor stocks with an established trading history. He cited 2016–2017, when favorable market conditions helped several IPOs complete their offerings smoothly. He advised companies that are well known in their industries but unfamiliar to investors to explain their business areas, revenue sources and operating models before an IPO.
Looking ahead to 2027, Nguyễn Hoàng Việt said interest rates and capital flows would affect corporate fundraising. If interest rates fall in the second half of 2027 as anticipated during the forum discussion, market liquidity could improve, creating more favorable conditions for IPOs and listings. He mentioned Highlands Coffee, which has drawn market interest, and the possibility of large foreign-invested companies conducting IPOs and listing in Vietnam. He stressed, however, that progress would still depend on market conditions, legal regulations and each company’s preparations.
Source: VietVance
