Gelex Infrastructure Set to Make a Splash in Vietnam’s IPO Market
Author: An Nhien, Thai Ha
Published: Wed, November 26, 2025 | 3:52 PM GMT+7
Gelex Infrastructure JSC has recently garnered attention with the announcement of its upcoming initial public offering (IPO), having received the green light from the State Securities Commission of Vietnam to launch 100 million shares. This strategic move signifies the company’s ambitions, aligning it with an emerging wave of corporate offerings flooding the Vietnamese market.
Key Details of the Upcoming IPO
The shares will be auctioned publicly on the Ho Chi Minh Stock Exchange (HoSE) at a starting price of VND28,000 (approximately $1.1) each. With a total offering amounting to VND2.8 trillion (nearly $106.2 million) if fully subscribed, this IPO is poised to become one of the significant offerings in Vietnam’s burgeoning financial landscape. The proceeds are earmarked for enhancing the capital of Hai Phong Titan JSC, facilitating the initial phase of the Tran Duong-Hoa Binh Industrial Park (Zone A) project. Additionally, the funds aim to provide support for the company’s financial restructuring efforts.
Gelex Infrastructure: A Brief Overview
Founded in 2016, Gelex Infrastructure operates as a holding company under the larger umbrella of Gelex Group. The firm focuses on a diversified portfolio that includes industrial and commercial real estate, building materials, and essential utilities such as electricity and clean water.
Among its various subsidiaries are notable names like Viglacera Corp (HoSE: VGC), Long Son Petroleum Industrial Park Investment (UPCoM: PXL), and Song Da Clean Water Investment (UPCoM: VCW). Recently, the company bolstered its position by acquiring a 49% stake in Titan Corporation from its parent group, allowing it to further engage in innovative industrial developments.
Titan Corporation: Expanding Industrial Footprint
Titan Corporation represents an exciting venture for Gelex Infrastructure as a joint partnership with Frasers Property Vietnam. Their collaboration focuses on creating LEED-certified industrial facilities, covering aspects from ready-built factories (RBF) to built-to-suit warehouses (BTS). Currently, Titan is executing five projects encompassing a substantial area of 100 hectares, demonstrating its commitment to sustainable and efficient industrial development.
Future Prospects and Market Dynamics
Gelex Infrastructure has strategically positioned itself to ensure industrial and commercial real estate, alongside building materials, remain its primary revenue streams through 2030. The market dynamics are particularly favorable, with Vietnam’s IPO landscape beginning to flourish again. Recent high-profile listings have generated considerable interest, leading to projects by firms like TCBS, VPBankS, VPS Securities, and Hoa Phat Agriculture.
As foreign investments trickle into the market, Gelex Infrastructure’s solid asset base and growth potential have positioned it as an attractive option for investors. The anticipated upgrade of Vietnam’s market status to secondary emerging market level, projected for September 2026, is likely to catalyze further foreign inflows.
Supportive Regulatory Environment
In tandem with these developments, regulatory reforms are ongoing, aiming to enhance transparency and streamline listing procedures. This supportive framework is expected to strengthen investor confidence and solidify Vietnam’s image as one of Asia’s more enticing emerging markets.
With macroeconomic stability, progressive monetary policies, and adaptable exchange-rate management, the conditions are ripe for investors looking to capitalize on Vietnam’s emerging growth story.
In summary, as Gelex Infrastructure embarks on its IPO journey, all eyes will be on how this major offering unfolds amid a rejuvenated marketplace fueled by innovation and opportunity.