Hoa Phat Agriculture officially files for IPO

On the afternoon of September 16, Hoa Phat Agricultural Development Joint Stock Company (HPA), a subsidiary of Hoa Phat Group, officially filed its application for an initial public offering (IPO) with the State Securities Commission of Vietnam.

According to the Group’s leadership, the pricing principle is set at no lower than the book value per share, which stood at VND 11,887/share as of June 30, 2025. The capital raised will be prioritized for investment in farms, feed mills, and for supplementing working capital for business operations.

Proceeds from the IPO will also be used to expand production scale, optimize the supply chain, and invest in the Central and Southern regions.

In terms of business performance, Hoa Phat Agriculture has consistently been the second-largest contributor to Hoa Phat Group, after its core steel business. HPA’s net revenue in 2024 reached VND 7,084 billion, up 12.2% compared to 2023. In the first six months of 2025, the company recorded VND 4,325 billion in revenue, fulfilling 61% of its full-year plan.

The company’s gross profit posted remarkable growth during 2023–2025, reaching VND 1,462 billion in 2024 (an increase of 169% over 2023) and VND 1,206 billion in the first half of 2025. This drove net profit to soar to VND 939 billion in the first six months of 2025, 2.3 times higher year-on-year. Full-year 2025 net profit is projected to reach about VND 1,600 billion.

Entering the agricultural sector in 2015, Hoa Phat quickly established itself as a leading player in Vietnam. To date, Hoa Phat is among the 13 largest animal feed producers in the country, holds the leading market share in Australian beef, and ranks first in the egg market in the North with a daily output of nearly 1 million eggs. The company also owns one of Vietnam’s most modern and fully integrated pig farming systems, with an annual capacity of over 600,000 pigs.