Next Monday, investors who paid for HGI shares at the IPO price of VND 60,600 will be able to trade them on an exchange for the first time. HGI is Hoang Anh Gia Lai International Investment JSC. According to the HNX announcement, 187.3 million HGI shares are scheduled to start trading on UPCoM on 9 November 2026, with a reference price of VND 60,600 and a provisional market capitalisation of about VND 11,350 billion.Người Quan SátDoanh Nhân Trẻ
On earnings, the picture is strong: nine-month net profit came to nearly VND 1,129 billion, roughly 4.5 times the same period of 2025 and about 62% of the full-year plan.Doanh Nhân Trẻ On the IPO money, most of it is earmarked for repaying debt rather than expanding the plantations. This piece covers four questions: where HGI earns its money, where the IPO proceeds go, where profit stands against plan, and which balance-sheet items deserve a watch.
Who HGI is within the Hoang Anh Gia Lai group
HGI began as Hung Thang Loi Gia Lai Co., Ltd., founded in October 2016. It focuses on farm management and consulting, and on growing and selling fruit and other crops.Doanh Nhân Trẻ It directly manages nearly 8,000 hectares, mainly bananas, durian, coffee, macadamia and mulberry.CafeF
HGI is a subsidiary of Hoang Anh Gia Lai JSC (HAG), whose chairman is Mr. Doan Nguyen Duc (known as "bầu Đức"). After the IPO, HAG still holds about three quarters of HGI. The two outlets give slightly different figures: 74.79% per Doanh Nhân Trẻ and 75.48% per CafeF.CafeF Either way, HAG remains the controlling shareholder. Mr. Duc has previously described HGI as having the strongest finances in the group's ecosystem.Doanh Nhân Trẻ
The IPO: fully sold, most proceeds earmarked for debt
According to the offering results report published on 2 October, all 18.8 million shares were distributed at VND 60,600. Institutional investors took 51% of the volume and individuals the remaining 49%. HGI's charter capital rose from VND 1,685 billion to VND 1,873 billion.CafeF
Maximum proceeds are VND 1,139.3 billion. Under the use-of-proceeds plan, HGI intends to allocate VND 1,063.3 billion, about 93%, to financial restructuring and repaying borrowings. The remaining VND 76 billion is for agricultural supply contracts, seedlings and fertiliser.Báo Pháp luật
The numbers show that nearly all the new money is planned for lowering debt, while the share going straight into the orchards is small. In other words, this offering mainly lightens the balance sheet instead of directly adding planted area. For IPO buyers, that is the key point in the use-of-proceeds plan.
Where HGI earns its money
In its Q3 2026 consolidated financial statements, HGI reported net revenue of nearly VND 1,415 billion. Fruit brought in more than VND 1,068 billion, about 75% of net revenue. Merchandise sales contributed more than VND 331 billion and other activities about VND 15 billion.Người Quan Sát
Q3 gross profit was nearly VND 598 billion, a gross margin of about 42%. Q3 net profit was nearly VND 412 billion.Doanh Nhân Trẻ Financial expenses were over VND 134 billion, of which interest expense was over VND 116 billion, against financial revenue of nearly VND 36.7 billion, mostly interest on loans extended.Người Quan Sát
With fruit at about 75% of revenue, HGI's results will track the volume and prices of bananas and durian from quarter to quarter. Coffee has only just gained its own buyer: HGI has signed a contract to sell 1,000 tonnes of coffee to MQ Coffee (Shanghai, China), with delivery expected in early 2027.CafeF
Where nine-month profit stands against plan
For the first nine months, HGI posted net revenue of nearly VND 3,535 billion and net profit of nearly VND 1,129 billion, about 7 times and 4.5 times the same period of 2025.Doanh Nhân Trẻ
The approved 2026 plan is net revenue of VND 7,456 billion and net profit of VND 1,815 billion, with an expected cash dividend of VND 5,000 per share.CafeF The VND 2,085 billion figure cited by some outlets belongs to a three-year profit roadmap for 2025 to 2027, in which 2027 is VND 2,710 billion, alongside an intention to pay out 50% of annual profit as cash dividends. This article uses VND 1,815 billion as the annual plan.
Nine-month profit is about 62% of the profit plan, and revenue about 47% of the revenue plan. To meet the profit plan, Q4 needs roughly VND 686 billion, above Q3's nearly VND 412 billion. For a crop business, quarterly profit depends on the harvest calendar, so this is a marker to watch rather than a verdict on the full year.
The balance sheet: two items to watch
As of 30 September 2026, HGI's consolidated total assets were nearly VND 12,625 billion, up about VND 1,968 billion from the start of the year.Doanh Nhân Trẻ
Orchards not yet harvested. Construction in progress was nearly VND 4,398 billion, about 35% of total assets, made up of fruit orchards at over VND 2,748 billion and coffee plantations at nearly VND 1,574 billion. This is money already put into the ground that has not yet produced revenue. Once the plantations reach harvest, the balance moves to productive assets and starts depreciating. HGI targets 6,300 ha of coffee, 2,365 ha of bananas and 1,770 ha of durian by 2028.CafeF
Borrowings, especially short-term. Borrowings and finance leases were nearly VND 4,293 billion: over VND 2,667 billion short-term and about VND 1,626 billion long-term. Cash and bank deposits were about VND 1,169 billion, so short-term borrowings are roughly 2.3 times that cash. Equity at quarter-end was over VND 5,369 billion.Doanh Nhân Trẻ
Timing matters here. This balance sheet closed on 30 September, before HGI announced the offering results on 2 October, so the VND 1,063.3 billion earmarked for repayment and restructuring is not reflected in these figures. If used as planned, that amount equals about a quarter of total borrowings at the end of Q3.
From the 9 November session: what changes for holders
For IPO buyers at VND 60,600, the shares in their accounts can be traded from the 9 November session. Under UPCoM trading rules, the first-day price band is ±40% of the reference price, much wider than the ±15% in regular sessions.MBS With a reference price of VND 60,600, the permitted first-day range is roughly VND 36,400 to VND 84,800, before rounding to the tick size. The value of the holding will move with the matched price each session instead of staying at the purchase price.
For HAG shareholders, the roughly 75% stake HAG holds in HGI gets a market price to compare against daily for the first time. At the reference price, that stake is about VND 8,500 billion within the provisional market cap of about VND 11,350 billion, but the actual figure will follow the matched price from the first session.
The broader market was not helpful ahead of the debut: the VN-Index closed on 3 November at 1,699.62 points, down 0.65%.
Signals to watch
The first-day price reflects one day of supply and demand. A more durable yardstick is HGI's Q4 financial statements, along two lines. The first is short-term borrowings against the level of over VND 2,667 billion: if they fall clearly, IPO money went to repayment as planned and interest expense (over VND 116 billion in Q3) should ease; if the balance barely moves, the notes to the statements are where to look for how the money was used. The second is Q4 profit against the roughly VND 686 billion needed to meet the VND 1,815 billion plan, along with coffee's contribution once the contract delivery begins in early 2027. Both lines are read the same way: actual results against the figures HGI itself has set out.