VPBank Securities, a brokerage owned by Vietnam Prosperity Bank, said on Wednesday it raised approximately 12.7 trillion dong ($482 million) in its initial public offering, making it the largest in Vietnam this year.
The IPO attracted strong demand, with VPBank saying there were 390.5 million bids for around 373 million shares on offer.
The brokerage’s shares will start trading on the Ho Chi Minh Stock Exchange in December.
Vietnam’s IPO market has experienced a surge in activity, driven by a stock rally, regulatory reforms, increased credit activity and an upgrade to emerging market status by index provider FTSE Russell.
Earlier this year, Techcom Securities raised $410 million through its IPO, achieving a valuation of $4 billion. In addition, VPS, the country’s largest brokerage by market share, is also pursuing IPO plans.
