Vietnam-based financial services firm F88 is planning to offer 10% of its shares in an initial public offering (IPO) as the company is set to transfer its shares to the main bourse.
The private equity-backed company will issue new shares to its existing shareholders to double its charter capital to more than 2.2 trillion dong ($83.5 million). At the same time, F88 will offer about 22 million IPO shares this year, representing a 10% stake following the charter capital increase plan, it said during a shareholder meeting on Monday.
The offering price will be at least 22,240 dong apiece, or no less than 70% of the average price of its five consecutive trading days before the IPO.
The unit price offering at 22,240 dong translates into a total IPO value of 489.84 billion dong ($18.6 million). Meanwhile, its founder and chairman, Phung Anh Tuan, hopes for a better scenario, in which his company will be able to raise 2 trillion dong ($76 million) in the planned IPO.
F88 is trading its shares on the Unlisted Public Companies Market (UPCoM) and will move its shares to the main bourse, Ho Chi Minh City Stock Exchange, towards the end of 2026. Its UPCoM trading closed at 135,300 per share on Monday.
In an earlier interaction in August 2025, Tuan said F88 could raise a pre-IPO fundraising round, and added that the company’s valuation “will reach the $1-billion mark” when it becomes publicly listed on the Ho Chi Minh City Stock Exchange.
Founded in 2013 as a pawnshop chain, F88 has since raised capital from Mekong Capital, Granite Oak, and the Vietnam Oman Investment Company, as well as through private credit and bonds.
The company had 949 stores nationwide by the end of 2025, increasing 9% year-on-year. It looks to expand the network to 1,000 stores this year.
Net loan book in 2025 rose 54% to 5.6 trillion dong, and is expected to reach 7.5 trillion dong by the end of 2026.
Meanwhile, the company’s revenue in 2026 jumped 42% to 3.84 trillion dong, resulting in 907.5 billion dong in gross profit, which surged 102%. In 2026, F88 anticipates its revenue and gross profit to reach 5.46 trillion dong and 1.13 trillion dong, respectively.
The company said it has built out different economic scenarios and is positive about achieving these goals despite geopolitical disruptions.
