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Capital Markets

Techcombank and Vinhomes highlight booming Vietnam IPO market

New record set twice in two weeks; Techcombank deal sees notable European and American interest.


The record for Vietnam’s biggest ever IPO changed hands twice in two weeks in April. In a market that is finally delivering on its promise after disappointing investors for many years, first Techcombank and then Vinhomes launched successful, cornerstone-dominated deals.

Vietnam Technological and Commercial Joint Stock Bank, to give it its full name, raised $922 million before real estate company Vinhomes set out to raise $1.35 billion in a deal expected to price on May 7. Each also became the largest IPO (or in Vinhomes case, what it calls an IEO, for initial equity offering) in southeast Asia so far this year.

Techcombank, the only one of the two to have concluded its bookbuild when Euromoney went to press, was arguably more significant for its investor mix than its size.

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