Shareholders of HD Securities (HDS) bought additional shares at VND 10,000 in early May.CafeF In the fourth quarter, anyone subscribing to HDS shares in its initial public offering (IPO) will pay at least VND 12,252 per share, about 22.5% higher.CafeF Between those two prices, HDS rebuilt almost its entire capital structure, came under HDBank's control, settled on an IPO plan and put forward a former German vice chancellor for its board.
This piece walks through each milestone in order: what is done, what is still pending, and what IPO subscribers and HDB shareholders will see at the next steps.
April: HDBank Becomes the Parent
At the start of 2026, HDS had charter capital of only about VND 1,461 billion.CafeF The company grew out of Phu Gia Securities, was renamed HD Securities in April 2022, and belongs to HDBank's financial ecosystem.Tuổi Trẻ
On April 27, HDS finished distributing more than 73 million shares as a stock dividend at a 2:1 ratio.CafeF Two days later, HDBank took over a large block of shares, lifting its stake in HDS from 29.99% to 75.74%.Pháp luật Việt Nam From that point HDS was a subsidiary of the bank.
Early May: The Insider Sale at VND 10,000
From April 28 to May 4, HDS offered nearly 877 million shares to existing shareholders at VND 10,000 each. The offering sold out and raised VND 8,768.5 billion.CafeF Twenty-eight domestic individual and institutional investors took part.Pháp luật Việt Nam
After the two share issues, charter capital rose to nearly VND 10,961 billion, about 7.5 times the level at the start of the year. On May 25, HDS announced that HDBank had completed its move to 90% of capital, equal to 986.4 million shares. HDS's financial statements are consolidated into HDBank from the second quarter of 2026.CafeF
The shareholder base at that point was very narrow: HDS had 53 shareholders, made up of HDBank as the only institution and 52 individuals, each holding under 5% of capital.Pháp luật Việt Nam In other words, VND 10,000 was a price for a small group that already held shares, not a price for outside investors.
The Half-Year Report Sets the Floor
This milestone matters most to prospective subscribers because it determines the VND 12,252 figure. In the first half, HDS recorded nearly VND 1,900 billion in revenue and VND 1,471 billion in pre-tax profit, with total assets of nearly VND 20,300 billion.Người Quan Sát The full-year plan approved by shareholders is VND 3,375 billion in pre-tax profit, so the company had covered about 43.6% of the distance after six months.Pháp luật Việt Nam
Retained earnings plus the fresh capital pushed book value per share to VND 12,252 in the reviewed 2026 half-year financial statements. That is the IPO floor price.CafeF So the 22.5% gap against the May price of VND 10,000 reflects a change in book value, not a price the market has paid for HDS shares.
On earnings quality, HDS's financial assets at fair value through profit or loss stood at VND 10,258 billion, larger than its VND 5,800 billion in margin loans.Người Quan Sát Most of its assets sit in investing, where results follow stock and bond prices from period to period.
September 29: The Board Sets the IPO Plan
Per the board resolution of September 29, HDS plans to offer nearly 121.8 million shares, about 11.11% of shares outstanding.CafeF The price is no lower than VND 12,252, and the official price has not been announced. Investors must order at least 100 shares, either directly at HDS or through two agents, SSI and HSC.CafeF IPO shares are freely transferable, while any shares left unsold in the offering would be restricted from transfer for one year.
If the offering sells out at the floor price, HDS raises at least about VND 1,492 billion and charter capital rises to about VND 12,179 billion.Người Quan Sát The proceeds are planned as 60% for margin lending, 10% for advances on securities sale proceeds and 30% for investment in valuable papers, disbursed from the fourth quarter of 2026 through the end of the second quarter of 2027.Vietstock
October 6: The Board Nominates an Independent Candidate
Per Vietstock, on October 6 the HDS board issued a resolution nominating Mr. Philipp Roesler as a candidate for a supplementary independent board seat for the remainder of the 2025–2030 term, published on October 7. The proposal states that through October 5 the company received no nomination or candidacy file from any shareholder, so the sitting board nominated the candidate itself.Vietstock
Mr. Roesler, Vice Chairman of the Board of Vietjet Aviation JSC (VJC), served as Germany's vice chancellor from 2011 to 2013.CafeF He is also a member of the advisory group of the Vietnam International Financial Centre in Ho Chi Minh City.Người Quan Sát
Press reports place the nomination in the context of HDS preparing its IPO. No source says the board chose Mr. Roesler because of the IPO, so the two events are best read as running in parallel. The vote uses cumulative voting, and Mr. Roesler becomes an independent director only once shareholders approve. With the shareholder structure seen in May, HDBank's votes, about 90% of capital, would largely decide the outcome. The same consultation also includes a report on progress of the IPO plan, where HDS may update how far its filing has come.Tuổi Trẻ
What Is Still Missing
As of October 13, press reports still describe the IPO as planned for the fourth quarter. No source says the State Securities Commission has issued the public offering registration certificate, and the official offer price has not been announced.Người Quan Sát Those two items will show what buyers pay and in which week they can subscribe.
After the offering, HDS plans to file for a Ho Chi Minh City Stock Exchange (HoSE) listing in parallel with its IPO filing. If it does not meet listing requirements, the shares would register for trading on UPCoM.CafeF
HDBank's Stake After the IPO
For HDB shareholders, the arithmetic is simple. Assume the 90% recorded in May is unchanged and HDBank buys nothing in the IPO. When HDS sells nearly 121.8 million shares, total shares outstanding rise from about 1,096 million to about 1,218 million (derived from charter capital of VND 10,961 billion and VND 12,179 billion at a par value of VND 10,000). HDBank's 986.4 million shares would then equal about 81%. The bank keeps control, and HDS's profit stays consolidated into the parent.
The remaining 231 million shares, or roughly 19% of the company, would sit with the existing individual shareholders and new buyers.
For IPO subscribers, the number to check is the official price. If it matches the VND 12,252 floor, buyers pay exactly book value as of June 30. If it is higher, the gap over book value is what they pay for expected profit in coming years, and it should be set against the VND 1,471 billion of first-half pre-tax profit.
The current picture is not enough to say anything about HDS's share price after listing, and this piece does not go in that direction. Three signals are worth watching in the coming weeks: the State Securities Commission's registration certificate, the official offer price, and the outcome of the shareholder vote on Mr. Roesler.