Buyers in the IPO of HD Securities (HDS) will pay VND 38,900 per share.Tin nhanh Chứng khoán According to the Q3 2026 consolidated financial statements, each HDS share represents VND 12,811 of shareholders' equity.Doanh Nhân VN Put simply, for every dong of book value, new buyers pay about three.
That price comes with a strong earnings record. In the first nine months of 2026, HDS posted pre-tax profit of VND 2,241 billion, 3.7 times the same period last year, and has already delivered about 66% of its full-year pre-tax profit plan.Người Quan Sát This piece does not argue whether the price is cheap or expensive. It follows three concrete questions: what the VND 38,900 figure does to HDS's balance sheet, what it does to existing shareholders' equity, and where buyers' money will go.
What the Resolution Fixed
The HDS board resolution, issued in early November, set the IPO price for 121,785,476 shares, about 10% of post-issuance capital.Tin nhanh Chứng khoán If every share is sold, HDS raises VND 4,737,455,016,400, or more than VND 4,737 billion. Charter capital stands at VND 10,961 billion today and would rise to nearly VND 12,179 billion if the offering succeeds.Vietstock
HDS says the price meets the principle approved by the general shareholders' meeting: the offer price may not be below book value in the most recent quarterly financial statements. The IPO plan was approved on April 23, 2026 and its timetable updated in an October 23 written shareholder resolution.Tin nhanh Chứng khoán The board also approved the registration dossier to be filed with the State Securities Commission. SSI Securities is the dossier adviser and a distribution agent, HSC Securities is a second distribution agent, and subscription money goes into a blocked account at BIDV's Nam Ky Khoi Nghia branch.Tin nhanh Chứng khoán
Of VND 38,900, Only VND 10,000 Becomes Charter Capital
Each new share has a par value of VND 10,000. So of the VND 4,737 billion-plus raised, only about VND 1,218 billion (121,785,476 shares times VND 10,000) is booked as charter capital. The remaining VND 3,520 billion or so goes to share premium. These are Investify estimates from the published share count and total proceeds.
Both parts are equity. Notably, the resolution states that all proceeds, share premium included, go into the stated uses of funds.Tin nhanh Chứng khoán The money does not sit idle on the books. It goes to work in the business on a disbursement schedule running from Q4 2026 to the end of Q2 2027.
Where the Money Goes: Mostly Margin Lending
The new plan splits proceeds 60/10/15/15:Tin nhanh Chứng khoán
- Margin lending: about VND 2,842 billion, or 60%.
- Advances against securities sales: about VND 474 billion, or 10%.
- Corporate bonds: about VND 711 billion, or 15%.
- Government bonds: about VND 711 billion, or 15%.Người Quan Sát
Together, the first two lines put about 70% of IPO proceeds into two lending products for investors. The last two are a securities portfolio, split evenly between corporate and government bonds. The offering is therefore mainly a way to raise funding for HDS to expand margin lending, a business where it already ranks among the 15 brokers with the largest loan books.Người Quan Sát
Before disbursement, the board may park idle cash in savings deposits or certificates of deposit with terms of up to six months, worth less than 50% of total proceeds. If the shares are not fully sold, actual proceeds are still split 60/10/15/15, and HDS will look for other funding such as bank loans, bond issuance or strategic investors.Tin nhanh Chứng khoán The resolution also lets the board adjust the plan to business conditions and report back at the next shareholders' meeting.
What a Price Above Book Value Does for Existing Shareholders
When a company sells new shares above book value, the extra amount new buyers pay is not lost. It adds to total equity and is shared across every share, old and new. The arithmetic below is an Investify estimate, assuming a full sale and before issuance costs.
Equity before the IPO is about VND 14,042 billion (roughly 1,096.1 million shares times VND 12,811). Adding more than VND 4,737 billion lifts equity to about VND 18,779 billion, spread over roughly 1,217.9 million post-issuance shares, consistent with charter capital of nearly VND 12,179 billion. Book value per share comes to about VND 15,400, roughly 20% above the VND 12,811 at the end of Q3.
New buyers therefore pay VND 38,900 for a share worth about VND 15,400 on the books after the offering. The gap, about VND 2,860 billion in total, accrues to the existing shares. Buyers accept that gap because they are paying for the company's earning power, not only for net assets on the balance sheet. At the same price, Vietstock puts HDS's valuation at about VND 47,375 billion, or roughly USD 1.84 billion.Vietstock
HDBank: Smaller Stake, Larger Equity Share
Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank, ticker HDB), HDS's parent, holds 90% of HDS.Tin nhanh Chứng khoán The calculation below rests on two conditions: HDBank buys no additional shares, and all 121.8 million shares are sold to other investors.
Under those conditions, HDBank's roughly 986.5 million HDS shares would be about 81% of the 1,217.9 million shares after the IPO. HDBank keeps overwhelming control and remains HDS's parent. The notable point is that the percentage falls while the equity attributable to HDBank's stake rises: from about VND 12,640 billion (90% of VND 14,042 billion) to about VND 15,210 billion (81% of VND 18,779 billion), an increase of about VND 2,570 billion. This is a book-value estimate, before issuance costs. How HDBank records this on its consolidated statements is an accounting question that needs the bank's own documents, so this piece does not speculate.
Earnings That Come With the Price
In the first nine months of 2026, HDS reported revenue of VND 3,018 billion, 2.6 times a year earlier, and pre-tax profit of VND 2,241 billion, 3.7 times. In Q3 alone it earned VND 769 billion before tax, fifth in the brokerage sector.Người Quan Sát Nine-month after-tax profit was nearly VND 1,804 billion, against a full-year pre-tax profit plan of VND 3,375 billion.Doanh Nhân VN
In comparing these growth rates, keep in mind they are measured against 2025, when HDS's charter capital was much lower. Charter capital only moved close to VND 11,000 billion after share issues in April and May 2026.Vietstock The coming quarters will show earnings on the new capital base, and on the IPO proceeds if the offering succeeds.
The Next Milestone
The registration dossier is only at the stage of board approval for filing. The subscription schedule, payment and share allocation will follow once the State Securities Commission issues the offering registration certificate. After the IPO, HDS plans to file for listing on HOSE; if it does not qualify, it has committed to register for trading on UPCoM.Doanh Nhân VN
The thesis here is fairly clear: a price at three times book value arrives alongside sharply higher nine-month earnings, the new money mainly feeds margin lending, and existing shareholders' book value, HDBank's included, rises if the offering completes. The offering's result sets the scale of each piece. If fully sold, HDS gets about VND 2,842 billion more for margin lending, and if HDBank buys no more, it keeps about 81%. If less is sold, actual proceeds are still split 60/10/15/15, margin lending shrinks proportionally, and HDBank's stake stays above 81%. The State Securities Commission's certificate and the subscription schedule are the next signals to watch.