Services
Initial Public Offering (IPO)
Expertise – Trust – Success
Transaction stages
Are you looking to launch an IPO to raise capital, enhance your market position, and unlock sustainable growth opportunities? We will help you shorten the timeline, minimize risks, and optimize benefits throughout the listing process.
The service will be delivered by us and/or our specialized partners. We are committed to providing services consistent with the brand personality of Crowe Vietnam, which has been carefully built and developed.
Explore the transaction stages and our related service packages with us and our partners below:
Services by us and partners
Financial Statement Audit
Audited financial statements are a mandatory requirement in the IPO process. This service helps businesses fully comply with accounting and financial regulations during the IPO, ensuring that financial reports are transparent, accurate, and reliable meeting the expectations of regulatory authorities and investors. This reduces risks, enhances credibility, and optimizes capital-raising opportunities.
Legal Advisory
We assist businesses in ensuring full legal compliance throughout the IPO process, including reviewing and completing listing documentation, correctly executing registration and disclosure procedures, and addressing legal issues related to securities, contracts, and shareholder rights minimizing risks, increasing transparency, and maximizing capital-raising opportunities.
Valuation & Appraisal
We support businesses in determining a fair value prior to the IPO, accurately assessing assets, growth potential, and risks. This enables the development of an appropriate valuation strategy to optimize capital raised, attract investors, and ensure compliance with legal requirements.
Registration Support
We assist businesses in completing IPO registration documents, ensuring compliance with regulatory requirements, following correct listing and disclosure processes reducing legal risks, accelerating approval timelines, and maximizing market access opportunities.
Strategic Marketing Advisory
We help businesses analyze the market, identify target investors, craft communication messages, and execute roadshows, PR campaigns, and digital marketing optimizing capital-raising efforts, enhancing brand visibility, and strengthening investor confidence.
Roadshow Support
We assist businesses in planning roadshows, preparing presentation materials, training spokespersons, executing communication strategies, and organizing events attracting investors, maximizing fundraising outcomes, and elevating market reputation.
Corporate Advisory
We support businesses in organizing governance structures, establishing disclosure mechanisms, managing investor relations, optimizing financial strategies, and ensuring compliance with stock market regulations helping the company remain stable and grow after the IPO.
Client and Partner Profiles
We aspire to collaborate with clients and partners who are committed to:
Kindness
Being ethical towards clients, employees, and partners through honesty, transparency, and respect for the legitimate interests of all parties.
Legal Compliance
Adhering to all relevant business regulations, including licensing, accounting, taxation, mandatory insurance, labor, goods, and environmental requirements.
Sustainable Development
Balancing profitability with the long-term interests of the community. Building a brand founded on trust and respect from clients and society.
Frequently asked questions
1. What is an IPO?
An IPO (Initial Public Offering) is the process in which a company offers its shares to the public for the first time and lists on a stock exchange. Through an IPO, a company can raise capital from investors to expand operations, improve financial standing, or drive growth.
The IPO market is the environment where companies conduct their initial public offerings. It includes investors, securities firms, investment banks, and other financial institutions. This market connects companies seeking capital with investors looking to acquire equity.
2. What are the listing conditions for shares?
According to Article 109 of Decree 155/2020/ND-CP, the key listing conditions include:
- Being a joint-stock company with charter capital of at least VND 30 billion at the time of listing registration (based on the most recent audited financial statements), with a minimum market capitalization of VND 30 billion.
- Shareholder approval (General Meeting of Shareholders) for the listing, and at least two years of trading on the Upcom system (except for companies that have conducted public offerings or equitized state-owned enterprises).
- A minimum return on equity (ROE) of 5% in the year prior to listing registration, profitability for two consecutive years before registration, no overdue debts exceeding one year, and no accumulated losses (based on the most recent audited or reviewed financial reports).
- For companies (except equitized enterprises), at least 15% of voting shares must be held by at least 100 non-major shareholders; for companies with charter capital of VND 1,000 billion or more, this ratio is at least 10%.
- Key shareholders and management (board members, supervisory board, CEO, CFO, etc.) must commit to holding 100% of their shares for six months from the first trading day and 50% for the following six months (excluding state-owned shares).
- Neither the company nor its legal representatives may have been sanctioned within two years prior to registration for prohibited acts under the Securities Law.
- A securities firm must advise on the listing registration, unless the registering organization is a securities company.
Share classification on the stock exchange is based on criteria such as charter capital, market capitalization, operating history, financial health, and shareholder structure.
3. Does the company’s business need to be profitable in the year before listing?
According to Clause 1, Article 109 of Decree 155/2020/ND-CP, the necessary conditions for a company to list its shares are as follows:
“The return on equity (ROE) in the year immediately preceding the listing registration must be at least 5%, and the company’s business operations must have been profitable for the two consecutive years prior to the listing registration; there must be no overdue debts exceeding one year at the time of listing registration; and there must be no accumulated losses based on the most recent audited annual financial statements or reviewed semi-annual financial statements if registering after the semi-annual reporting period.”
Therefore, to be eligible for listing on the stock exchange, your company must have been profitable for at least two consecutive years before registration — not just one year. Additionally, the company must have no accumulated losses at the time of registration (at minimum, it should break even or be profitable). Here, “profit” refers to net profit after fulfilling all tax obligations and offsetting any previous years’ losses.
Thus, if by the time of registration your company no longer carries accumulated losses, it will meet the necessary condition for listing.
4. What is an IPO share? How is it valued?
An IPO share is a stock issued to the public for the first time by a company during its IPO. It provides investors the opportunity to purchase equity before the shares begin trading on the open market.
IPO share valuation is based on several factors, including:
- Financial analysis: Reviewing financial statements, revenues, profits, and other key financial metrics.
- Industry comparisons: Evaluating the stock value of similar companies in the market.
- Market demand: Assessing investor interest during roadshows.
- Growth forecasts: Considering the company’s future growth potential.
This valuation process is typically conducted by securities firms or investment banks assisting with the IPO.
5. What obligations must companies fulfill after an IPO?
After completing an IPO, the company must comply with several important obligations to maintain transparency and credibility with investors. These obligations include:
1. Periodic Disclosure
- Publish quarterly, semi-annual, and annual financial reports.
- Provide information on business performance and significant events affecting the company.
2. Extraordinary Disclosure
- Immediately notify of unusual events such as leadership changes, changes in shareholder structure, or legal issues.
3. Compliance with Exchange Regulations
- Fully adhere to the rules and requirements of the stock exchange where the shares are listed.
4. Protection of Shareholder Rights
- Safeguard shareholder interests, including organizing shareholder meetings and addressing shareholder feedback.
5. Investor Relations Management
- Maintain positive relationships with investors, provide information, and support inquiries.
6. Fulfillment of Tax Obligations
- Ensure compliance with tax regulations and submit tax reports on time.
7. Ensure Transparency
- Provide complete and accurate information to build trust among investors and the public.
- These obligations not only help the company maintain investor trust but also enhance its reputation and contribute to sustainable growth.
Brand commitment
Crowe Vietnam is committed to building and delivering on its brand personality, with the goal of fostering trust and providing an exceptional experience throughout our journey with clients and partners.
High professional quality at a reasonable cost
Crowe Vietnam is committed to delivering high quality solutions and services at reasonable costs, ensuring an exceptional client experience. We consistently strive for differentiation and continuously enhance the professional capabilities of our team to best meet the evolving needs of our clients.
Professionalism
All our work is carried out meticulously and professionally, both in form and content. We maintain clear and detailed processes and guidelines to ensure efficient organization and execution. Work quality is always our top priority, strictly adhering to professional standards and best practices, while upholding the highest level of professional ethics.
Integrity and Kindness
Consistency between words and actions is a core principle at Crowe Vietnam. We are committed to delivering exactly what we declare or promise to our clients, partners, employees, and stakeholders. We uphold strong business ethics and always prioritize the common good, never compromising our commitments or harming others’ interests for personal gain.
Compliance
We are firmly committed to strict compliance with the law, and we absolutely refrain from any unlawful or fraudulent activities. We implement stringent and effective control measures to prevent and deter any misconduct, ensuring transparent operations and adherence to ethical standards.
Efficiency
We place a strong emphasis on efficiency and optimization in all our operations, aiming to achieve objectives using the most appropriate methods, timelines, and resources. We continuously improve our service delivery processes and actively apply technology including digitalization, artificial intelligence, and big data to enhance operational efficiency and deliver an exceptional client experience.
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With the aim of delivering exceptional services to our clients, Crowe Vietnam regularly organizes in-person seminars and online webinars featuring insights from our experienced professionals and esteemed guest speakers.
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Overview of Crowe Vietnam
Why choose us for this service?
Choosing the right service partner is a key factor in ensuring both effectiveness and peace of mind. Here’s why Crowe Vietnam is the trusted choice for you.
Crowe Vietnam, a member of the Crowe Global network with over 798 offices in 150 countries, provides IPO advisory services aligned with international standards. We help businesses raise capital effectively and enhance their reputation in the global capital market.
Together with our professional partners, we bring extensive experience in advising both domestic and international enterprises on IPOs. We are committed to thoroughly preparing businesses to ensure legal compliance and maximize shareholder value.
Crowe Vietnam and its expert partners deliver a comprehensive IPO advisory process, including corporate readiness, partner selection, regulatory registration, and post-IPO support. Our services help shorten timelines, mitigate risks, and ensure successful listing outcomes.
We strictly protect all financial and strategic information of our clients throughout the IPO process. Our practices adhere to the highest standards of data security and professional ethics to safeguard client interests and reputations.
With the reach of the Crowe Global network, Crowe Vietnam is equipped to assist multinational companies with IPO preparation. We connect clients with international experts and resources to meet legal requirements and align with global capital market trends.
We offer high-quality IPO advisory services at competitive fees, enabling businesses to effectively balance costs and returns while laying a strong foundation for sustainable post-listing growth.