Upcoming stock exchange, F88, announces the allocation of 8.26 million shares

F88 Investment Joint Stock Company, a pioneering and leading pawnbroking enterprise in Vietnam, has made history by becoming the first legal pawnshop company to publicly list on the UPCoM platform on August 8, 2025[1][2][3]. The company debuted with a reference share price of VND634,900 (approximately US$24), the highest market price among all companies listed on Vietnam’s three stock exchanges[2]. This groundbreaking event marks a significant milestone in F88's journey towards broader institutional acceptance and positions it for significant growth within Vietnam's alternative finance sector[1][2][3].

With this listing, F88 has positioned itself as the largest distribution network in Vietnam's alternative finance sector, operating 888 stores across 34 provinces and cities as of 2025[4]. The company's market position is further solidified by its current 3.2% share of the Vietnamese pawnbroking market, indicating potential for future growth[5].

Phùng Anh Tuấn, Chairman of the Board of Directors at F88, stated that the official listing on UPCoM is a pioneering move, introducing a new standard of transparency for Vietnam's alternative finance industry[6]. To support its growth strategy, F88 has undertaken internal capital restructuring, receiving approval to issue bonus shares from share premium reserves at a ratio of 1,200%, increasing its charter capital from over VND82.6 billion to more than VND1.1 trillion without diluting shareholder equity[1][3]. This strategy positions F88 to leverage its newly gained access to domestic capital markets for further growth and standardization.

The public listing not only marks a milestone in terms of transparency and corporate governance for F88 but also sets a new operational and regulatory benchmark for the pawnbroking sector and the broader alternative finance industry in Vietnam, which traditionally suffered from negative stigma and limited capital access[1][3].

FiinRatings upgraded F88’s credit rating outlook from “Stable” to “Positive” in April 2025, reflecting strong improvements in asset quality and financial health, which supports its ability to expand sustainably in the foreseeable future[3].

F88's growth strategy is not limited to traditional pawnbroking services. The company is accelerating its growth in microinsurance and agent banking services[7]. The MyF88 platform, a mobile application, recorded over 105,000 online loan customers just two months after launch[8]. The company aims to have 80% of transactions conducted digitally by 2026 to optimize operational efficiency and enhance customer experience[9].

The listing of F88 serves as a financial catalyst to help the company scale, upgrade operations, and potentially list on HOSE in the future[10]. In the first half of 2025, F88 recorded VND1.74 trillion in revenue, up 30% year-on-year, and achieved pre-tax profit of more than VND321 billion - more than triple the figure from the same period last year[11]. These results bode well for F88's future growth and sustainability.

[1] https://www.vietnamplus.vn/f88-debuts-on-upcom-with-highest-market-price-among-all-companies-listed-on-vietnam-s-three-stock-exchanges/317147.vnp [2] https://www.forbesvietnam.com/news/f88-officially-listed-on-upcom-with-the-highest-price-per-share-among-all-companies-on-vietnam-s-stock-exchanges/ [3] https://www.fiingroup.com/vi/news/f88-upgraded-to-positive-credit-rating-outlook-by-fiinratings [4] https://www.f88.vn/en/about-us/ [5] https://www.f88.vn/en/about-us/ [6] https://www.vietnamplus.vn/f88-debuts-on-upcom-with-highest-market-price-among-all-companies-listed-on-vietnam-s-three-stock-exchanges/317147.vnp [7] https://www.f88.vn/en/products-services/ [8] https://www.f88.vn/en/news/ [9] https://www.f88.vn/en/news/ [10] https://www.vietnamplus.vn/f88-debuts-on-upcom-with-highest-market-price-among-all-companies-listed-on-vietnam-s-three-stock-exchanges/317147.vnp [11] https://www.fiingroup.com/vi/news/f88-upgraded-to-positive-credit-rating-outlook-by-fiinratings

The official listing of F88 Investment Joint Stock Company on UPCoM platform in 2025 marked a significant milestone in the company's journey, positioning it as the largest distribution network in Vietnam's alternative finance sector and enabling it to leverage domestic capital markets for further growth and standardization.
The growth strategy of F88 is not confined to traditional pawnbroking services; the company is expanding into microinsurance and agent banking services, and aims to have 80% of transactions conducted digitally by 2026 to optimize operational efficiency and enhance customer experience.
F88's debut on UPCoM in 2025 with a reference share price of VND634,900 was a trailblazing move for Vietnam's alternative finance industry, setting a new standard of transparency and corporate governance.
The company's ambitious plans include using AI and technology to streamline its operations, with the MyF88 platform, a mobile application, recording over 105,000 online loan customers just two months after launch.
The listing of F88 serves as a financial catalyst for the company, enabling it to scale operations, upgrade technology, and potentially list on HOSE in the future, while demonstrating strong financial health with an upgraded credit rating outlook from “Stable” to “Positive” by FiinRatings in April 2025.