F88 opens $60M public share offering at a $600M valuation
What's the deal? Vietnamese collateral lender F88 has opened subscriptions for a public share offering targeting 1,564 billion VND ($60 million), a post-IPO equity raise pricing the company at roughly $600 million. It is selling 22,025,190 shares — about 10% of the company — at 71,000 VND each.
What's the endgame? Proceeds will go to F88's operating subsidiary, F88 Business, to fund its pawn-lending operations. The offering runs from July 6 to July 27, 2026, with a minimum order of 100 shares, open to individual and institutional investors at home and abroad.
Why now? The raise lands as F88 pushes deeper into capital markets. It is the first and only pawn-lending firm approved by Vietnam's State Securities Commission to issue both shares and bonds to the public, and it is running the equity offering alongside a 2026 public bond plan — a sign it is building funding capacity rather than plugging a one-off gap.
VietcapDealroom has a profile for this one. Try Dealroom → is acting as issuance adviser and distribution agent.
The bull case: Vietcap rates F88 a "BUY" with a 98,000 VND target price. It projects net profit attributable to the parent will reach 1,168 billion VND in 2026, up 62.4%, then climb to 1,677 billion VND in 2027 and near 1,964 billion VND in 2028. Return on equity is forecast to peak at 40.4% in 2026 before normalising toward 28% by 2030.
What could go wrong? The projected returns lean on optimised financial leverage, which the company plans to reduce over time to protect its balance sheet. The deal is also a premium-priced bet on a still-small, niche lender rather than a broad, proven sector.
The signal: This is a growth-capital event for a profitable alternative-finance player, and it doubles as a test of investor appetite for Vietnamese non-bank financial names at a premium valuation.
Read more: diendandoanhnghiep.vn
