Vietnam-based Hoa Phat Agriculture Development JSC (HPA), a subsidiary of Hoa Phat Group, has filed for an initial public offering (IPO) with the State Securities Commission of Vietnam.
According to the company’s leadership, the pricing principle will not be lower than the book value per share. Based on the financial statement as of June 30, HPA’s book value stood at VND11,887 (US$0.45) per share.
HPA plans to offer up to 30 million shares to investors. The raised capital will be prioritized for investments in farms, feed mills and additional working capital for operations. IPO proceeds will also be used to expand production scale, optimize the supply chain and invest in Central and Southern Vietnam. Hoa Phat Agriculture expects to list its shares on the Ho Chi Minh City Stock Exchange as early as December under the ticker symbol HPA.
In terms of business performance, Hoa Phat Agriculture has been the second-largest contributor to Hoa Phat Group, following its core steel segment. Net revenue in 2024 reached VND7.084 trillion, up 12.2% year-on-year. In the first half of 2025, the company recorded revenue of VND4.325 trillion, a sharp increase from the same period and equivalent to 61% of the full-year 2024 figure.
The company’s gross profit saw remarkable growth during 2023–25. In 2024, gross profit reached VND1.462 trillion, up 169% from 2023 (VND544 billion). In the first six months of 2025, HPA recorded VND1.206 trillion in gross profit, equal to 83% of the full-year 2024 figure. This helped profit after tax soar to VND939 billion in the first half of 2025, 2.3 times higher than the same period in 2024. HPA’s net profit for 2025 is expected to reach approximately VND1.6 trillion, equivalent to earnings per share (EPS) of approximately VND6,274.
Hoa Phat entered the agriculture sector in 2015. Hoa Phat Agriculture Development JSC is the key entity managing all agricultural investments and operations of Hoa Phat Group.
Over the past 10 years, Hoa Phat has established a leading position in Vietnam’s agriculture industry with a nationwide network of farms and factories. Its animal feed business ranks among the Top 13 largest producers, it is the market leader in Australian beef, and holds the No.1 market share in chicken eggs in Northern Vietnam with nearly 1 million eggs per day. The company also operates one of Vietnam’s largest modern and closed-cycle hog farming systems with an annual capacity of more than 600,000 head.
