{"id":27056,"date":"2026-03-20T15:33:11","date_gmt":"2026-03-20T08:33:11","guid":{"rendered":"https:\/\/base.vn\/blog\/?p=27056"},"modified":"2026-03-20T15:39:09","modified_gmt":"2026-03-20T08:39:09","slug":"ipo-la-gi","status":"publish","type":"post","link":"https:\/\/base.vn\/blog\/ipo-la-gi\/","title":{"rendered":"IPO l\u00e0 g\u00ec? 5 ph\u00fat hi\u1ec3u ngay c\u00e1ch doanh nghi\u1ec7p l\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n"},"content":{"rendered":"\n<p>IPO (Initial Public Offering) hay ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang l\u00e0 m\u1ed9t trong nh\u1eefng con \u0111\u01b0\u1eddng chi\u1ebfn l\u01b0\u1ee3c gi\u00fap nhi\u1ec1u c\u00f4ng ty Vi\u1ec7t Nam m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 t\u0103ng c\u01b0\u1eddng n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh. B\u00e0i vi\u1ebft n\u00e0y c\u1ee7a Base.vn s\u1ebd gi\u00fap doanh nghi\u1ec7p hi\u1ec3u r\u00f5 IPO l\u00e0 g\u00ec, c\u00e1ch th\u1ee9c v\u1eadn h\u00e0nh v\u00e0 nh\u1eefng \u0111i\u1ec1u c\u1ea7n chu\u1ea9n b\u1ecb cho h\u00e0nh tr\u00ecnh l\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-ipo-la-gi\">1. IPO l\u00e0 g\u00ec?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-1-d\u1ecbnh-nghia-ipo-initial-public-offering\">1.1 \u0110\u1ecbnh ngh\u0129a IPO (Initial Public Offering)<\/h3>\n\n\n\n<p><strong>IPO<\/strong> l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a <strong>Initial Public Offering<\/strong>, \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 qu\u00e1 tr\u00ecnh m\u1ed9t doanh nghi\u1ec7p l\u1ea7n \u0111\u1ea7u ti\u00ean ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang th\u00f4ng qua th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. Theo quy \u0111\u1ecbnh c\u1ee7a <a href=\"https:\/\/vanban.chinhphu.vn\/default.aspx?pageid=27160&amp;docid=198541\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Lu\u1eadt Ch\u1ee9ng kho\u00e1n s\u1ed1 54\/2019\/QH14 c\u1ee7a Qu\u1ed1c h\u1ed9i<\/a>, \u0111\u00e2y l\u00e0 ho\u1ea1t \u0111\u1ed9ng ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n ra c\u00f4ng ch\u00fang c\u1ee7a c\u00f4ng ty c\u1ed5 ph\u1ea7n ch\u01b0a ni\u00eam y\u1ebft nh\u1eb1m huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Hi\u1ec3u \u0111\u01a1n gi\u1ea3n, tr\u01b0\u1edbc IPO, doanh nghi\u1ec7p th\u01b0\u1eddng ch\u1ec9 thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a m\u1ed9t nh\u00f3m nh\u1ecf nh\u01b0 nh\u00e0 s\u00e1ng l\u1eadp, c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9 ho\u1eb7c qu\u1ef9 \u0111\u1ea7u t\u01b0. Sau IPO, b\u1ea5t k\u1ef3 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0o c\u0169ng c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu v\u00e0 tr\u1edf th\u00e0nh c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n<p>\u0110\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t ho\u1ea1t \u0111\u1ed9ng g\u1ecdi v\u1ed1n, m\u00e0 c\u00f2n l\u00e0 b\u01b0\u1edbc chuy\u1ec3n m\u00ecnh quan tr\u1ecdng trong chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n d\u00e0i h\u1ea1n. Th\u00f4ng qua IPO, doanh nghi\u1ec7p c\u00f3 th\u1ec3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Huy \u0111\u1ed9ng ngu\u1ed3n v\u1ed1n l\u1edbn \u0111\u1ec3 m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh<\/li>\n\n\n\n<li>\u0110\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ngh\u1ec7, s\u1ea3n ph\u1ea9m ho\u1eb7c th\u1ecb tr\u01b0\u1eddng m\u1edbi<\/li>\n\n\n\n<li>T\u00e1i c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh, gi\u1ea3m \u00e1p l\u1ef1c n\u1ee3 vay<\/li>\n\n\n\n<li>T\u0103ng t\u00ednh thanh kho\u1ea3n cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu<\/li>\n<\/ul>\n\n\n\n<p>Ngo\u00e0i ra, IPO c\u00f2n gi\u00fap doanh nghi\u1ec7p n\u00e2ng cao m\u1ee9c \u0111\u1ed9 minh b\u1ea1ch v\u00e0 uy t\u00edn tr\u00ean th\u1ecb tr\u01b0\u1eddng, t\u1eeb \u0111\u00f3 t\u1ea1o l\u1ee3i th\u1ebf trong vi\u1ec7c thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"587\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/IPO-la-gi-1024x587.webp\" alt=\"IPO l\u00e0 g\u00ec?\" class=\"wp-image-27066\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/IPO-la-gi-1024x587.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/IPO-la-gi-300x172.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/IPO-la-gi-768x440.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/IPO-la-gi-1536x880.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/IPO-la-gi.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>IPO l\u00e0 g\u00ec?<\/em><\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-2-phan-bi\u1ec7t-ipo-va-niem-y\u1ebft-tren-san-ch\u1ee9ng-khoan\">1.2 Ph\u00e2n bi\u1ec7t IPO v\u00e0 ni\u00eam y\u1ebft tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n<\/h3>\n\n\n\n<p>M\u1ed9t hi\u1ec3u nh\u1ea7m ph\u1ed5 bi\u1ebfn l\u00e0 xem IPO v\u00e0 ni\u00eam y\u1ebft l\u00e0 m\u1ed9t. Th\u1ef1c t\u1ebf, \u0111\u00e2y l\u00e0 hai b\u01b0\u1edbc kh\u00e1c nhau trong qu\u00e1 tr\u00ecnh doanh nghi\u1ec7p tham gia th\u1ecb tr\u01b0\u1eddng v\u1ed1n.<\/p>\n\n\n\n<p>IPO l\u00e0 giai \u0111o\u1ea1n doanh nghi\u1ec7p ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. Trong khi \u0111\u00f3, ni\u00eam y\u1ebft l\u00e0 b\u01b0\u1edbc ti\u1ebfp theo, khi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c \u0111\u0103ng k\u00fd v\u00e0 ch\u00ednh th\u1ee9c giao d\u1ecbch tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n nh\u01b0 HOSE.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Ti\u00eau ch\u00ed ph\u00e2n bi\u1ec7t<\/strong><\/td><td><strong>IPO (Ph\u00e1t h\u00e0nh l\u1ea7n \u0111\u1ea7u)<\/strong><\/td><td><strong>Ni\u00eam y\u1ebft ch\u1ee9ng kho\u00e1n<\/strong><\/td><\/tr><tr><td>Th\u1eddi \u0111i\u1ec3m<\/td><td>Di\u1ec5n ra tr\u01b0\u1edbc, l\u00e0 b\u01b0\u1edbc \u0111\u1ea7u ti\u00ean<\/td><td>Di\u1ec5n ra sau IPO<\/td><\/tr><tr><td>M\u1ee5c \u0111\u00edch<\/td><td>Huy \u0111\u1ed9ng v\u1ed1n t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0<\/td><td>\u0110\u01b0a c\u1ed5 phi\u1ebfu l\u00ean s\u00e0n \u0111\u1ec3 giao d\u1ecbch c\u00f4ng khai<\/td><\/tr><tr><td>\u0110\u1ed1i t\u01b0\u1ee3ng tham gia<\/td><td>Nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u<\/td><td>T\u1ea5t c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng<\/td><\/tr><tr><td>Quy tr\u00ecnh<\/td><td>Ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu, ph\u00e2n b\u1ed5 cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/td><td>\u0110\u0103ng k\u00fd v\u1edbi s\u00e0n ch\u1ee9ng kho\u00e1n (HOSE, HNX, UpCOM)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>V\u00ed d\u1ee5, m\u1ed9t doanh nghi\u1ec7p c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n IPO v\u00e0o th\u00e1ng 6\/2024 v\u00e0 ho\u00e0n t\u1ea5t vi\u1ec7c ph\u00e2n ph\u1ed1i c\u1ed5 phi\u1ebfu cho nh\u00e0 \u0111\u1ea7u t\u01b0. Sau \u0111\u00f3, doanh nghi\u1ec7p n\u00e0y s\u1ebd ti\u1ebfn h\u00e0nh c\u00e1c th\u1ee7 t\u1ee5c \u0111\u1ec3 ni\u00eam y\u1ebft v\u00e0 \u0111\u1ebfn th\u00e1ng 8\/2024, \u0111\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m c\u1ed5 phi\u1ebfu b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai tr\u00ean s\u00e0n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-3-chuy\u1ec3n-d\u1ed5i-t\u1eeb-cong-ty-t\u01b0-nhan-thanh-cong-ty-d\u1ea1i-chung-quy-trinh-amp-y-nghia\">1.3 Chuy\u1ec3n \u0111\u1ed5i t\u1eeb c\u00f4ng ty t\u01b0 nh\u00e2n th\u00e0nh c\u00f4ng ty \u0111\u1ea1i ch\u00fang: Quy tr\u00ecnh &amp; \u00dd ngh\u0129a<\/h3>\n\n\n\n<p>Vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i t\u1eeb c\u00f4ng ty t\u01b0 nh\u00e2n sang c\u00f4ng ty \u0111\u1ea1i ch\u00fang th\u00f4ng qua IPO kh\u00f4ng ch\u1ec9 l\u00e0 thay \u0111\u1ed5i v\u1ec1 h\u00ecnh th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n, m\u00e0 c\u00f2n l\u00e0 b\u01b0\u1edbc chuy\u1ec3n l\u1edbn v\u1ec1 c\u00e1ch doanh nghi\u1ec7p v\u1eadn h\u00e0nh v\u00e0 qu\u1ea3n tr\u1ecb.<\/p>\n\n\n\n<p>\u1ede m\u00f4 h\u00ecnh c\u00f4ng ty t\u01b0 nh\u00e2n, doanh nghi\u1ec7p th\u01b0\u1eddng c\u00f3 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 \u0111\u00f4ng h\u1ea1n ch\u1ebf v\u00e0 kh\u00f4ng b\u1eaft bu\u1ed9c c\u00f4ng khai th\u00f4ng tin t\u00e0i ch\u00ednh. Quy tr\u00ecnh ra quy\u1ebft \u0111\u1ecbnh v\u00ec th\u1ebf c\u0169ng linh ho\u1ea1t h\u01a1n, \u00edt ch\u1ecbu \u00e1p l\u1ef1c t\u1eeb b\u00ean ngo\u00e0i. Tuy nhi\u00ean, khi tr\u1edf th\u00e0nh c\u00f4ng ty \u0111\u1ea1i ch\u00fang, doanh nghi\u1ec7p ph\u1ea3i tu\u00e2n th\u1ee7 c\u00e1c ti\u00eau chu\u1ea9n minh b\u1ea1ch v\u00e0 qu\u1ea3n tr\u1ecb ch\u1eb7t ch\u1ebd h\u01a1n theo quy \u0111\u1ecbnh c\u1ee7a \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc.<\/p>\n\n\n\n<p>C\u1ee5 th\u1ec3, doanh nghi\u1ec7p c\u1ea7n th\u1ef1c hi\u1ec7n \u0111\u1ea7y \u0111\u1ee7 c\u00e1c ngh\u0129a v\u1ee5 nh\u01b0:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>C\u00f4ng b\u1ed1 <a href=\"https:\/\/base.vn\/blog\/bao-cao-tai-chinh\/\" target=\"_blank\" rel=\"noreferrer noopener\">b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/a> \u0111\u1ecbnh k\u1ef3 theo qu\u00fd v\u00e0 n\u0103m (\u0111\u00e3 ki\u1ec3m to\u00e1n);<\/li>\n\n\n\n<li>C\u00f4ng b\u1ed1 th\u00f4ng tin b\u1ea5t th\u01b0\u1eddng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu;<\/li>\n\n\n\n<li>T\u1ed5 ch\u1ee9c \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng ni\u00ean v\u00e0 ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd c\u00e1c giao d\u1ecbch n\u1ed9i b\u1ed9.<\/li>\n<\/ul>\n\n\n\n<p>Nh\u1eefng y\u00eau c\u1ea7u n\u00e0y nh\u1eb1m \u0111\u1ea3m b\u1ea3o quy\u1ec1n l\u1ee3i cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 duy tr\u00ec s\u1ef1 minh b\u1ea1ch c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>Tuy \u0111i k\u00e8m nhi\u1ec1u quy \u0111\u1ecbnh kh\u1eaft khe h\u01a1n, nh\u01b0ng vi\u1ec7c tr\u1edf th\u00e0nh c\u00f4ng ty \u0111\u1ea1i ch\u00fang mang l\u1ea1i nhi\u1ec1u gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n. Doanh nghi\u1ec7p c\u00f3 c\u01a1 h\u1ed9i ti\u1ebfp c\u1eadn ngu\u1ed3n v\u1ed1n l\u1edbn t\u1eeb th\u1ecb tr\u01b0\u1eddng, n\u00e2ng cao uy t\u00edn th\u01b0\u01a1ng hi\u1ec7u v\u00e0 t\u0103ng kh\u1ea3 n\u0103ng c\u1ea1nh tranh. \u0110\u1ed3ng th\u1eddi, \u00e1p l\u1ef1c t\u1eeb vi\u1ec7c c\u00f4ng khai th\u00f4ng tin c\u0169ng th\u00fac \u0111\u1ea9y doanh nghi\u1ec7p c\u1ea3i thi\u1ec7n h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb, chu\u1ea9n h\u00f3a quy tr\u00ecnh v\u1eadn h\u00e0nh v\u00e0 n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng b\u00e1o c\u00e1o t\u00e0i ch\u00ednh.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-l\u1ee3i-ich-va-r\u1ee7i-ro-khi-doanh-nghi\u1ec7p-th\u1ef1c-hi\u1ec7n-ipo\">2.\u00a0L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro khi doanh nghi\u1ec7p th\u1ef1c hi\u1ec7n IPO<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-1-l\u1ee3i-ich-khi-th\u1ef1c-hi\u1ec7n-ipo\">2.1 L\u1ee3i \u00edch khi th\u1ef1c hi\u1ec7n IPO<\/h3>\n\n\n\n<p>IPO mang l\u1ea1i nhi\u1ec1u l\u1ee3i th\u1ebf chi\u1ebfn l\u01b0\u1ee3c, \u0111\u1eb7c bi\u1ec7t v\u1edbi c\u00e1c doanh nghi\u1ec7p \u0111ang trong giai \u0111o\u1ea1n m\u1edf r\u1ed9ng quy m\u00f4.<\/p>\n\n\n\n<p>Tr\u01b0\u1edbc h\u1ebft l\u00e0 kh\u1ea3 n\u0103ng huy \u0111\u1ed9ng v\u1ed1n l\u1edbn trong th\u1eddi gian ng\u1eafn m\u00e0 kh\u00f4ng ph\u1ea3i ch\u1ecbu \u00e1p l\u1ef1c tr\u1ea3 l\u00e3i nh\u01b0 vay ng\u00e2n h\u00e0ng. Ngu\u1ed3n v\u1ed1n n\u00e0y gi\u00fap doanh nghi\u1ec7p ch\u1ee7 \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ea3n xu\u1ea5t, c\u00f4ng ngh\u1ec7 ho\u1eb7c m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng m\u00e0 kh\u00f4ng b\u1ecb r\u00e0ng bu\u1ed9c v\u1ec1 th\u1eddi gian ho\u00e0n tr\u1ea3.<\/p>\n\n\n\n<p>B\u00ean c\u1ea1nh \u0111\u00f3, IPO gi\u00fap t\u0103ng t\u00ednh thanh kho\u1ea3n cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu. Tr\u01b0\u1edbc khi l\u00ean s\u00e0n, vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n th\u01b0\u1eddng ph\u1ee9c t\u1ea1p v\u00e0 kh\u00f3 \u0111\u1ecbnh gi\u00e1. Sau khi ni\u00eam y\u1ebft, c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai, gi\u00fap vi\u1ec7c mua b\u00e1n tr\u1edf n\u00ean d\u1ec5 d\u00e0ng v\u00e0 minh b\u1ea1ch h\u01a1n.<\/p>\n\n\n\n<p>Uy t\u00edn v\u00e0 th\u01b0\u01a1ng hi\u1ec7u doanh nghi\u1ec7p c\u0169ng \u0111\u01b0\u1ee3c n\u00e2ng cao \u0111\u00e1ng k\u1ec3. M\u1ed9t c\u00f4ng ty ni\u00eam y\u1ebft th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao v\u1ec1 n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh v\u00e0 uy t\u00edn, t\u1eeb \u0111\u00f3 t\u1ea1o l\u1ee3i th\u1ebf trong vi\u1ec7c thu h\u00fat kh\u00e1ch h\u00e0ng, \u0111\u1ed1i t\u00e1c v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>IPO c\u00f2n m\u1edf ra c\u01a1 h\u1ed9i th\u1ef1c hi\u1ec7n c\u00e1c th\u01b0\u01a1ng v\u1ee5 M&amp;A linh ho\u1ea1t h\u01a1n. Doanh nghi\u1ec7p c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u1ed5 phi\u1ebfu nh\u01b0 m\u1ed9t \u201c\u0111\u1ed3ng ti\u1ec1n\u201d \u0111\u1ec3 ho\u00e1n \u0111\u1ed5i khi mua l\u1ea1i c\u00f4ng ty kh\u00e1c, thay v\u00ec ph\u1ea3i d\u00f9ng ho\u00e0n to\u00e0n ti\u1ec1n m\u1eb7t.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, qu\u00e1 tr\u00ecnh IPO bu\u1ed9c doanh nghi\u1ec7p ph\u1ea3i chu\u1ea9n h\u00f3a h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb v\u00e0 t\u00e0i ch\u00ednh. \u0110\u00e2y l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec3 c\u1ea3i thi\u1ec7n quy tr\u00ecnh n\u1ed9i b\u1ed9 v\u00e0 n\u00e2ng cao hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh.<\/p>\n\n\n\n<p>Cu\u1ed1i c\u00f9ng, IPO t\u1ea1o \u0111\u1ed9ng l\u1ef1c cho \u0111\u1ed9i ng\u0169 nh\u00e2n s\u1ef1 th\u00f4ng qua c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ESOP. Khi nh\u00e2n vi\u00ean tr\u1edf th\u00e0nh c\u1ed5 \u0111\u00f4ng, h\u1ecd c\u00f3 xu h\u01b0\u1edbng g\u1eafn b\u00f3 h\u01a1n v\u00e0 \u0111\u00f3ng g\u00f3p nhi\u1ec1u h\u01a1n v\u00e0o s\u1ef1 ph\u00e1t tri\u1ec3n d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-2-r\u1ee7i-ro-va-thach-th\u1ee9c\">2.2 R\u1ee7i ro v\u00e0 th\u00e1ch th\u1ee9c<\/h3>\n\n\n\n<p>D\u00f9 mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch, IPO c\u0169ng \u0111i k\u00e8m kh\u00f4ng \u00edt r\u1ee7i ro m\u00e0 doanh nghi\u1ec7p c\u1ea7n c\u00e2n nh\u1eafc k\u1ef9.<\/p>\n\n\n\n<p>Tr\u01b0\u1edbc h\u1ebft l\u00e0 chi ph\u00ed tri\u1ec3n khai cao. Doanh nghi\u1ec7p ph\u1ea3i chi tr\u1ea3 cho t\u01b0 v\u1ea5n t\u00e0i ch\u00ednh, ki\u1ec3m to\u00e1n, ph\u00e1p l\u00fd v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng truy\u1ec1n th\u00f4ng. V\u1edbi c\u00e1c \u0111\u1ee3t IPO l\u1edbn, chi ph\u00ed n\u00e0y c\u00f3 th\u1ec3 l\u00ean t\u1edbi h\u00e0ng ch\u1ee5c t\u1ef7 \u0111\u1ed3ng.<\/p>\n\n\n\n<p>M\u1ed9t r\u1ee7i ro kh\u00e1c l\u00e0 nguy c\u01a1 gi\u1ea3m quy\u1ec1n ki\u1ec3m so\u00e1t c\u1ee7a c\u1ed5 \u0111\u00f4ng s\u00e1ng l\u1eadp. Khi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang, t\u1ef7 l\u1ec7 s\u1edf h\u1eefu b\u1ecb pha lo\u00e3ng. N\u1ebfu kh\u00f4ng c\u00f3 chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p l\u00fd, doanh nghi\u1ec7p c\u00f3 th\u1ec3 m\u1ea5t quy\u1ec1n ki\u1ec3m so\u00e1t trong c\u00e1c quy\u1ebft \u0111\u1ecbnh quan tr\u1ecdng.<\/p>\n\n\n\n<p>\u00c1p l\u1ef1c minh b\u1ea1ch th\u00f4ng tin c\u0169ng l\u00e0 th\u00e1ch th\u1ee9c l\u1edbn. Doanh nghi\u1ec7p ph\u1ea3i c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ecbnh k\u1ef3 v\u00e0 ch\u1ecbu s\u1ef1 gi\u00e1m s\u00e1t c\u1ee7a \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu sau IPO l\u00e0 y\u1ebfu t\u1ed1 kh\u00f3 ki\u1ec3m so\u00e1t. Gi\u00e1 c\u1ed5 phi\u1ebfu ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi th\u1ecb tr\u01b0\u1eddng, t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 t\u00ecnh h\u00ecnh kinh t\u1ebf. N\u1ebfu gi\u00e1 gi\u1ea3m m\u1ea1nh, doanh nghi\u1ec7p c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng v\u1ec1 uy t\u00edn v\u00e0 kh\u1ea3 n\u0103ng huy \u0111\u1ed9ng v\u1ed1n trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<p>Cu\u1ed1i c\u00f9ng l\u00e0 \u00e1p l\u1ef1c v\u1ec1 k\u1ebft qu\u1ea3 kinh doanh ng\u1eafn h\u1ea1n. C\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft th\u01b0\u1eddng ph\u1ea3i \u0111\u00e1p \u1ee9ng k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn theo t\u1eebng qu\u00fd, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 khi\u1ebfn doanh nghi\u1ec7p \u01b0u ti\u00ean m\u1ee5c ti\u00eau ng\u1eafn h\u1ea1n thay v\u00ec chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<p>V\u00ec v\u1eady, IPO kh\u00f4ng ch\u1ec9 l\u00e0 b\u00e0i to\u00e1n t\u00e0i ch\u00ednh m\u00e0 c\u00f2n l\u00e0 b\u00e0i to\u00e1n qu\u1ea3n tr\u1ecb. Doanh nghi\u1ec7p c\u1ea7n chu\u1ea9n b\u1ecb k\u1ef9 l\u01b0\u1ee1ng v\u1ec1 h\u1ec7 th\u1ed1ng v\u1eadn h\u00e0nh, d\u1eef li\u1ec7u v\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n \u0111\u1ec3 t\u1eadn d\u1ee5ng t\u1ed1i \u0111a c\u01a1 h\u1ed9i v\u00e0 h\u1ea1n ch\u1ebf r\u1ee7i ro khi b\u01b0\u1edbc l\u00ean s\u00e0n.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"587\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/loi-ich-va-rui-ro-khi-ipo-1024x587.webp\" alt=\"L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro khi doanh nghi\u1ec7p th\u1ef1c hi\u1ec7n IPO\" class=\"wp-image-27068\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/loi-ich-va-rui-ro-khi-ipo-1024x587.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/loi-ich-va-rui-ro-khi-ipo-300x172.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/loi-ich-va-rui-ro-khi-ipo-768x440.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/loi-ich-va-rui-ro-khi-ipo-1536x880.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/loi-ich-va-rui-ro-khi-ipo.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro khi doanh nghi\u1ec7p th\u1ef1c hi\u1ec7n IPO<\/em><\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-3-can-nh\u1eafc-doanh-nghi\u1ec7p-nen-hay-khong-nen-th\u1ef1c-hi\u1ec7n-ipo\">2.3 C\u00e2n nh\u1eafc: Doanh nghi\u1ec7p n\u00ean hay kh\u00f4ng n\u00ean th\u1ef1c hi\u1ec7n IPO?<\/h3>\n\n\n\n<p>Quy\u1ebft \u0111\u1ecbnh IPO ph\u1ee5 thu\u1ed9c v\u00e0o nhi\u1ec1u y\u1ebfu t\u1ed1 bao g\u1ed3m quy m\u00f4 doanh nghi\u1ec7p, ng\u00e0nh ngh\u1ec1 ho\u1ea1t \u0111\u1ed9ng v\u00e0 m\u1ee5c ti\u00eau ph\u00e1t tri\u1ec3n. C\u00e1c doanh nghi\u1ec7p l\u1edbn c\u00f3 v\u1ed1n \u0111i\u1ec1u l\u1ec7 tr\u00ean 500 t\u1ef7 \u0111\u1ed3ng, ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh nh\u01b0 ng\u00e2n h\u00e0ng, b\u1ea3o hi\u1ec3m, vi\u1ec5n th\u00f4ng, b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u1eddng ph\u00f9 h\u1ee3p v\u1edbi IPO v\u00ec nhu c\u1ea7u v\u1ed1n l\u1edbn v\u00e0 kh\u1ea3 n\u0103ng \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u qu\u1ea3n tr\u1ecb nghi\u00eam ng\u1eb7t.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Quy m\u00f4 doanh nghi\u1ec7p<\/strong><\/td><td><strong>M\u1ee9c \u0111\u1ed9 ph\u00f9 h\u1ee3p IPO<\/strong><\/td><td><strong>L\u00fd do<\/strong><\/td><\/tr><tr><td>Doanh nghi\u1ec7p l\u1edbn (v\u1ed1n &gt;500 t\u1ef7 VND)<\/td><td>Cao<\/td><td>Nhu c\u1ea7u v\u1ed1n l\u1edbn, \u0111\u00e3 c\u00f3 h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb v\u1eefng ch\u1eafc<\/td><\/tr><tr><td>Doanh nghi\u1ec7p v\u1eeba (v\u1ed1n 100-500 t\u1ef7 VND)<\/td><td>Trung b\u00ecnh<\/td><td>C\u1ea7n c\u00e2n nh\u1eafc chi ph\u00ed v\u00e0 l\u1ee3i \u00edch<\/td><\/tr><tr><td>Doanh nghi\u1ec7p nh\u1ecf (v\u1ed1n &lt;100 t\u1ef7 VND)<\/td><td>Th\u1ea5p<\/td><td>Chi ph\u00ed IPO cao so v\u1edbi quy m\u00f4 huy \u0111\u1ed9ng<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>V\u1ec1 m\u1eb7t ng\u00e0nh ngh\u1ec1, c\u00e1c doanh nghi\u1ec7p trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh, c\u00f4ng ngh\u1ec7 v\u00e0 s\u1ea3n xu\u1ea5t c\u00f3 quy m\u00f4 l\u1edbn th\u01b0\u1eddng \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i nhi\u1ec1u nh\u1ea5t t\u1eeb IPO. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p giai \u0111o\u1ea1n \u0111\u1ea7u, doanh nghi\u1ec7p gia \u0111\u00ecnh nh\u1ecf ho\u1eb7c nh\u1eefng c\u00f4ng ty c\u00f3 m\u00f4 h\u00ecnh kinh doanh ch\u01b0a \u1ed5n \u0111\u1ecbnh n\u00ean t\u00ednh to\u00e1n th\u1eadn tr\u1ecdng v\u00ec chi ph\u00ed v\u00e0 r\u1ee7i ro r\u1ea5t cao.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-di\u1ec1u-ki\u1ec7n-ipo-t\u1ea1i-vi\u1ec7t-nam\">3. \u0110i\u1ec1u ki\u1ec7n IPO t\u1ea1i Vi\u1ec7t Nam<\/h2>\n\n\n\n<p>\u0110\u1ec3 th\u1ef1c hi\u1ec7n IPO v\u00e0 \u0111\u01b0a c\u1ed5 phi\u1ebfu l\u00ean th\u1ecb tr\u01b0\u1eddng, doanh nghi\u1ec7p c\u1ea7n \u0111\u00e1p \u1ee9ng m\u1ed9t lo\u1ea1t \u0111i\u1ec1u ki\u1ec7n theo Lu\u1eadt Ch\u1ee9ng kho\u00e1n 2019 v\u00e0 <a href=\"https:\/\/vanban.chinhphu.vn\/?pageid=27160&amp;docid=202222\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP<\/a>. \u0110\u00e2y l\u00e0 nh\u1eefng ti\u00eau chu\u1ea9n quan tr\u1ecdng nh\u1eb1m \u0111\u1ea3m b\u1ea3o t\u00ednh minh b\u1ea1ch, n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh v\u00e0 m\u1ee9c \u0111\u1ed9 s\u1eb5n s\u00e0ng c\u1ee7a doanh nghi\u1ec7p khi tr\u1edf th\u00e0nh c\u00f4ng ty \u0111\u1ea1i ch\u00fang.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-1-yeu-c\u1ea7u-v\u1ec1-v\u1ed1n-di\u1ec1u-l\u1ec7-amp-l\u1ee3i-nhu\u1eadn\">3.1 Y\u00eau c\u1ea7u v\u1ec1 v\u1ed1n \u0111i\u1ec1u l\u1ec7 &amp; l\u1ee3i nhu\u1eadn<\/h3>\n\n\n\n<p>Doanh nghi\u1ec7p mu\u1ed1n ni\u00eam y\u1ebft tr\u00ean HOSE (S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh) c\u1ea7n c\u00f3 v\u1ed1n \u0111i\u1ec1u l\u1ec7 t\u1ed1i thi\u1ec3u 120 t\u1ef7 \u0111\u1ed3ng, trong khi HNX (S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n H\u00e0 N\u1ed9i) y\u00eau c\u1ea7u t\u1eeb 30 t\u1ef7 \u0111\u1ed3ng. V\u1edbi th\u1ecb tr\u01b0\u1eddng UPCoM (th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u01b0a ni\u00eam y\u1ebft), \u0111i\u1ec1u ki\u1ec7n \u201cm\u1ec1m\u201d h\u01a1n, ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c doanh nghi\u1ec7p v\u1eeba v\u00e0 nh\u1ecf \u0111ang trong giai \u0111o\u1ea1n chu\u1ea9n b\u1ecb.<\/p>\n\n\n\n<p>B\u00ean c\u1ea1nh quy m\u00f4 v\u1ed1n, doanh nghi\u1ec7p c\u1ea7n ch\u1ee9ng minh hi\u1ec7u qu\u1ea3 kinh doanh \u1ed5n \u0111\u1ecbnh. C\u1ee5 th\u1ec3, ph\u1ea3i c\u00f3 l\u1ee3i nhu\u1eadn sau thu\u1ebf trong 2 n\u0103m li\u00ean ti\u1ebfp g\u1ea7n nh\u1ea5t v\u00e0 kh\u00f4ng c\u00f3 l\u1ed7 l\u0169y k\u1ebf t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u0103ng k\u00fd IPO. \u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh ph\u1ea3i \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t t\u1ed1t, b\u00e1o c\u00e1o minh b\u1ea1ch v\u00e0 \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n \u0111\u1ea7y \u0111\u1ee7.<\/p>\n\n\n\n<p>Trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p, c\u00e1c doanh nghi\u1ec7p c\u00f4ng ngh\u1ec7 ho\u1eb7c startup c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem x\u00e9t linh ho\u1ea1t h\u01a1n v\u1ec1 l\u1ee3i nhu\u1eadn. Tuy nhi\u00ean, h\u1ecd c\u1ea7n ch\u1ee9ng minh \u0111\u01b0\u1ee3c ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng, m\u00f4 h\u00ecnh kinh doanh r\u00f5 r\u00e0ng v\u00e0 cam k\u1ebft l\u1ed9 tr\u00ecnh sinh l\u1eddi trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-2-yeu-c\u1ea7u-v\u1ec1-c\u1ed5-dong-amp-phan-ph\u1ed1i-c\u1ed5-ph\u1ea7n\">3.2 Y\u00eau c\u1ea7u v\u1ec1 c\u1ed5 \u0111\u00f4ng &amp; ph\u00e2n ph\u1ed1i c\u1ed5 ph\u1ea7n<\/h3>\n\n\n\n<p>B\u00ean c\u1ea1nh y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh, c\u01a1 c\u1ea5u c\u1ed5 \u0111\u00f4ng c\u0169ng l\u00e0 \u0111i\u1ec1u ki\u1ec7n quan tr\u1ecdng \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh \u0111\u1ea1i ch\u00fang v\u00e0 thanh kho\u1ea3n c\u1ee7a c\u1ed5 phi\u1ebfu sau IPO.<\/p>\n\n\n\n<p>Theo quy \u0111\u1ecbnh, doanh nghi\u1ec7p ph\u1ea3i ch\u00e0o b\u00e1n t\u1ed1i thi\u1ec3u 15% t\u1ed5ng s\u1ed1 c\u1ed5 ph\u1ea7n cho c\u00f4ng ch\u00fang, v\u1edbi \u00edt nh\u1ea5t 100 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n tham gia. \u0110i\u1ec1u n\u00e0y gi\u00fap c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e2n t\u00e1n r\u1ed9ng r\u00e3i, tr\u00e1nh t\u00ecnh tr\u1ea1ng t\u1eadp trung s\u1edf h\u1eefu v\u00e0o m\u1ed9t nh\u00f3m nh\u1ecf.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u1ed5 \u0111\u00f4ng l\u1edbn v\u00e0 ban l\u00e3nh \u0111\u1ea1o, quy \u0111\u1ecbnh y\u00eau c\u1ea7u ph\u1ea3i cam k\u1ebft n\u1eafm gi\u1eef t\u1ed1i thi\u1ec3u 20% c\u1ed5 ph\u1ea7n trong \u00edt nh\u1ea5t 1 n\u0103m sau khi ni\u00eam y\u1ebft. \u0110\u00e2y l\u00e0 c\u01a1 ch\u1ebf nh\u1eb1m \u0111\u1ea3m b\u1ea3o s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 t\u1ea1o ni\u1ec1m tin cho th\u1ecb tr\u01b0\u1eddng, tr\u00e1nh t\u00ecnh tr\u1ea1ng b\u00e1n th\u00e1o ngay sau IPO. Trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p, th\u1eddi gian kh\u00f3a c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 k\u00e9o d\u00e0i \u0111\u1ebfn 2 ho\u1eb7c 3 n\u0103m t\u00f9y theo cam k\u1ebft c\u1ee5 th\u1ec3 v\u1edbi UBCKNN v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, doanh nghi\u1ec7p c\u0169ng c\u1ea7n tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 t\u1ef7 l\u1ec7 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i. M\u1ed9t s\u1ed1 ng\u00e0nh nh\u01b0 ng\u00e2n h\u00e0ng, b\u1ea3o hi\u1ec3m, ch\u1ee9ng kho\u00e1n c\u00f3 gi\u1edbi h\u1ea1n t\u1ef7 l\u1ec7 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i nh\u1ea5t \u0111\u1ecbnh, th\u01b0\u1eddng l\u00e0 30% \u0111\u1ed1i v\u1edbi ng\u00e2n h\u00e0ng v\u00e0 49% \u0111\u1ed1i v\u1edbi nhi\u1ec1u ng\u00e0nh kh\u00e1c. Vi\u1ec7c qu\u1ea3n l\u00fd \u201croom ngo\u1ea1i\u201d c\u1ea7n \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n k\u1ef9 l\u01b0\u1ee1ng \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c g\u1ecdi v\u1ed1n v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng ph\u00e1t tri\u1ec3n d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-3-tieu-chu\u1ea9n-phap-ly-amp-qu\u1ea3n-tr\u1ecb\">3.3 Ti\u00eau chu\u1ea9n ph\u00e1p l\u00fd &amp; qu\u1ea3n tr\u1ecb<\/h3>\n\n\n\n<p>Ti\u00eau chu\u1ea9n v\u1ec1 qu\u1ea3n tr\u1ecb c\u00f4ng ty v\u00e0 tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt \u0111\u01b0\u1ee3c \u0111\u1eb7t ra r\u1ea5t nghi\u00eam ng\u1eb7t. Doanh nghi\u1ec7p ph\u1ea3i ch\u1ee9ng minh kh\u00f4ng c\u00f3 vi ph\u1ea1m ph\u00e1p lu\u1eadt nghi\u00eam tr\u1ecdng trong 3 n\u0103m g\u1ea7n nh\u1ea5t, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c vi ph\u1ea1m li\u00ean quan \u0111\u1ebfn thu\u1ebf, h\u1ea3i quan, m\u00f4i tr\u01b0\u1eddng v\u00e0 an to\u00e0n lao \u0111\u1ed9ng. B\u1ea5t k\u1ef3 vi ph\u1ea1m ph\u00e1p lu\u1eadt h\u00ecnh s\u1ef1 kinh t\u1ebf n\u00e0o c\u1ee7a ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n theo ph\u00e1p lu\u1eadt ho\u1eb7c th\u00e0nh vi\u00ean ban l\u00e3nh \u0111\u1ea1o \u0111\u1ec1u c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn vi\u1ec7c kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e9p th\u1ef1c hi\u1ec7n IPO.<\/p>\n\n\n\n<p>V\u1ec1 c\u01a1 c\u1ea5u qu\u1ea3n tr\u1ecb, c\u00f4ng ty ph\u1ea3i c\u00f3 ban ki\u1ec3m so\u00e1t ho\u1eb7c \u1ee7y ban ki\u1ec3m to\u00e1n \u0111\u1ed9c l\u1eadp, h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh vi\u00ean \u0111\u1ed9c l\u1eadp t\u1ed1i thi\u1ec3u 20% (\u0111\u1ed1i v\u1edbi ni\u00eam y\u1ebft tr\u00ean HOSE). C\u00e1c quy ch\u1ebf n\u1ed9i b\u1ed9 v\u1ec1 qu\u1ea3n tr\u1ecb c\u00f4ng ty, giao d\u1ecbch n\u1ed9i b\u1ed9, c\u00f4ng b\u1ed1 th\u00f4ng tin ph\u1ea3i \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng \u0111\u1ea7y \u0111\u1ee7 v\u00e0 tu\u00e2n th\u1ee7 theo chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf.<\/p>\n\n\n\n<p>H\u1ec7 th\u1ed1ng k\u1ebf to\u00e1n v\u00e0 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh ph\u1ea3i \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n b\u1edfi c\u00e1c c\u00f4ng ty ki\u1ec3m to\u00e1n \u0111\u1ed9c l\u1eadp c\u00f3 uy t\u00edn, tu\u00e2n th\u1ee7 chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n Vi\u1ec7t Nam ho\u1eb7c chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf. B\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u00edt nh\u1ea5t 2 n\u0103m g\u1ea7n nh\u1ea5t ph\u1ea3i \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n v\u1edbi \u00fd ki\u1ebfn ch\u1ea5p nh\u1eadn to\u00e0n ph\u1ea7n, kh\u00f4ng c\u00f3 ngo\u1ea1i tr\u1eeb ho\u1eb7c t\u1eeb ch\u1ed1i.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"587\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/dieu-kien-IPO-tai-Viet-nam-1024x587.webp\" alt=\"\u0110i\u1ec1u ki\u1ec7n IPO t\u1ea1i Vi\u1ec7t Nam\" class=\"wp-image-27070\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/dieu-kien-IPO-tai-Viet-nam-1024x587.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/dieu-kien-IPO-tai-Viet-nam-300x172.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/dieu-kien-IPO-tai-Viet-nam-768x440.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/dieu-kien-IPO-tai-Viet-nam-1536x880.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/dieu-kien-IPO-tai-Viet-nam.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>\u0110i\u1ec1u ki\u1ec7n IPO t\u1ea1i Vi\u1ec7t Nam<\/em><\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-4-b\u1ea3ng-checklist-di\u1ec1u-ki\u1ec7n-ipo-t\u1ea1i-vi\u1ec7t-nam\">3.4 B\u1ea3ng checklist \u0111i\u1ec1u ki\u1ec7n IPO t\u1ea1i Vi\u1ec7t Nam<\/h3>\n\n\n\n<p>Doanh nghi\u1ec7p c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng b\u1ea3ng checklist n\u00e0y \u0111\u1ec3 t\u1ef1 \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 s\u1eb5n s\u00e0ng tr\u01b0\u1edbc khi b\u1eaft \u0111\u1ea7u quy tr\u00ecnh IPO:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Ti\u00eau ch\u00ed<\/strong><\/td><td><strong>Y\u00eau c\u1ea7u c\u1ee5 th\u1ec3<\/strong><\/td><td><strong>Tr\u1ea1ng th\u00e1i<\/strong><\/td><\/tr><tr><td>V\u1ed1n \u0111i\u1ec1u l\u1ec7<\/td><td>\u2265 120 t\u1ef7 (HOSE), \u2265 30 t\u1ef7 (HNX)<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t&nbsp;<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn<\/td><td>2 n\u0103m li\u00ean ti\u1ebfp c\u00f3 l\u00e3i, kh\u00f4ng l\u1ed7 l\u0169y k\u1ebf<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t<\/td><\/tr><tr><td>Ph\u00e2n ph\u1ed1i c\u1ed5 ph\u1ea7n<\/td><td>Ch\u00e0o b\u00e1n \u2265 15% cho c\u00f4ng ch\u00fang<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t&nbsp;<\/td><\/tr><tr><td>S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 \u0111\u00f4ng<\/td><td>T\u1ed1i thi\u1ec3u 100 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t<\/td><\/tr><tr><td>B\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td><td>2 n\u0103m \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n v\u1edbi \u00fd ki\u1ebfn ch\u1ea5p nh\u1eadn to\u00e0n ph\u1ea7n<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t<\/td><\/tr><tr><td>Vi ph\u1ea1m ph\u00e1p lu\u1eadt<\/td><td>Kh\u00f4ng vi ph\u1ea1m nghi\u00eam tr\u1ecdng trong 3 n\u0103m<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t&nbsp;<\/td><\/tr><tr><td>C\u01a1 c\u1ea5u qu\u1ea3n tr\u1ecb<\/td><td>C\u00f3 H\u0110QT, BKS\/\u1ee6y ban ki\u1ec3m to\u00e1n<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t&nbsp;<\/td><\/tr><tr><td>Th\u00e0nh vi\u00ean \u0111\u1ed9c l\u1eadp<\/td><td>\u2265 20% H\u0110QT (HOSE)<\/td><td>\u2610 \u0110\u1ea1t \/ \u2610 Ch\u01b0a \u0111\u1ea1t<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-quy-trinh-7-b\u01b0\u1edbc-th\u1ef1c-hi\u1ec7n-ipo\">4. Quy tr\u00ecnh 7 b\u01b0\u1edbc th\u1ef1c hi\u1ec7n IPO<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-1-b\u01b0\u1edbc-1-2-chu\u1ea9n-b\u1ecb\">4.1 B\u01b0\u1edbc 1-2: Chu\u1ea9n b\u1ecb<\/h3>\n\n\n\n<p>Giai \u0111o\u1ea1n chu\u1ea9n b\u1ecb l\u00e0 n\u1ec1n t\u1ea3ng quy\u1ebft \u0111\u1ecbnh ph\u1ea7n l\u1edbn kh\u1ea3 n\u0103ng th\u00e0nh c\u00f4ng c\u1ee7a m\u1ed9t th\u01b0\u01a1ng v\u1ee5 IPO. Tr\u01b0\u1edbc h\u1ebft, doanh nghi\u1ec7p c\u1ea7n \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n n\u1ed9i l\u1ef1c, t\u1eeb t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh, hi\u1ec7u qu\u1ea3 kinh doanh \u0111\u1ebfn h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb. Song song \u0111\u00f3, ban l\u00e3nh \u0111\u1ea1o c\u1ea7n x\u00e1c \u0111\u1ecbnh r\u00f5 m\u1ee5c ti\u00eau huy \u0111\u1ed9ng v\u1ed1n, quy m\u00f4 ph\u00e1t h\u00e0nh v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng ph\u00e1t tri\u1ec3n trong 3\u20135 n\u0103m sau IPO.<\/p>\n\n\n\n<p>\u0110\u00e2y c\u0169ng l\u00e0 th\u1eddi \u0111i\u1ec3m c\u1ea7n c\u00f3 \u0111\u01b0\u1ee3c s\u1ef1 \u0111\u1ed3ng thu\u1eadn n\u1ed9i b\u1ed9 v\u1ec1 vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i sang m\u00f4 h\u00ecnh c\u00f4ng ty \u0111\u1ea1i ch\u00fang \u2013 \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c ch\u1ea5p nh\u1eadn c\u00e1c y\u00eau c\u1ea7u cao h\u01a1n v\u1ec1 minh b\u1ea1ch, qu\u1ea3n tr\u1ecb v\u00e0 tr\u00e1ch nhi\u1ec7m gi\u1ea3i tr\u00ecnh.<\/p>\n\n\n\n<p>Ti\u1ebfp theo, doanh nghi\u1ec7p c\u1ea7n l\u1ef1a ch\u1ecdn c\u00e1c \u0111\u1ed1i t\u00e1c t\u01b0 v\u1ea5n chuy\u00ean nghi\u1ec7p, bao g\u1ed3m c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00f3ng vai tr\u00f2 t\u01b0 v\u1ea5n v\u00e0 b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh, \u0111\u01a1n v\u1ecb ki\u1ec3m to\u00e1n \u0111\u1ed9c l\u1eadp v\u00e0 c\u00f4ng ty lu\u1eadt. Nh\u1eefng \u0111\u1ed1i t\u00e1c n\u00e0y s\u1ebd h\u1ed7 tr\u1ee3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p, ho\u00e0n thi\u1ec7n h\u1ed3 s\u01a1 ph\u00e1p l\u00fd v\u00e0 x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c ti\u1ebfp c\u1eadn nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>M\u1ed9t y\u1ebfu t\u1ed1 kh\u00f4ng th\u1ec3 thi\u1ebfu trong giai \u0111o\u1ea1n n\u00e0y l\u00e0 chu\u1ea9n h\u00f3a h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9. Doanh nghi\u1ec7p c\u1ea7n ho\u00e0n thi\u1ec7n c\u00e1c quy ch\u1ebf v\u1ec1 c\u00f4ng b\u1ed1 th\u00f4ng tin, ki\u1ec3m so\u00e1t n\u1ed9i b\u1ed9 v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro. \u0110\u1ed3ng th\u1eddi, h\u1ec7 th\u1ed1ng c\u00f4ng ngh\u1ec7 c\u0169ng c\u1ea7n \u0111\u01b0\u1ee3c n\u00e2ng c\u1ea5p \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o d\u1eef li\u1ec7u t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c c\u1eadp nh\u1eadt k\u1ecbp th\u1eddi v\u00e0 chu\u1ea9n x\u00e1c.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-2-b\u01b0\u1edbc-3-4-dang-ky-amp-chao-ban-c\u1ed5-phi\u1ebfu\">4.2 B\u01b0\u1edbc 3-4: \u0110\u0103ng k\u00fd &amp; Ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu<\/h3>\n\n\n\n<p>Sau khi ho\u00e0n t\u1ea5t c\u00f4ng t\u00e1c chu\u1ea9n b\u1ecb, doanh nghi\u1ec7p ti\u1ebfn h\u00e0nh n\u1ed9p h\u1ed3 s\u01a1 \u0111\u0103ng k\u00fd ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang l\u00ean \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc. H\u1ed3 s\u01a1 bao g\u1ed3m: b\u1ea3n c\u00e1o b\u1ea1ch chi ti\u1ebft, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00e3 ki\u1ec3m to\u00e1n, ngh\u1ecb quy\u1ebft \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng v\u00e0 c\u00e1c t\u00e0i li\u1ec7u ph\u00e1p l\u00fd li\u00ean quan. Qu\u00e1 tr\u00ecnh th\u1ea9m \u0111\u1ecbnh th\u01b0\u1eddng k\u00e9o d\u00e0i t\u1eeb 30 \u0111\u1ebfn 45 ng\u00e0y, trong \u0111\u00f3 c\u01a1 quan qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 y\u00eau c\u1ea7u b\u1ed5 sung ho\u1eb7c l\u00e0m r\u00f5 m\u1ed9t s\u1ed1 th\u00f4ng tin.<\/p>\n\n\n\n<p>Song song v\u1edbi vi\u1ec7c ch\u1edd ph\u00ea duy\u1ec7t, doanh nghi\u1ec7p tri\u1ec3n khai c\u00e1c ho\u1ea1t \u0111\u1ed9ng roadshow \u0111\u1ec3 ti\u1ebfp c\u1eadn nh\u00e0 \u0111\u1ea7u t\u01b0. \u0110\u00e2y l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec3 ban l\u00e3nh \u0111\u1ea1o tr\u1ef1c ti\u1ebfp chia s\u1ebb v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c, m\u00f4 h\u00ecnh kinh doanh v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng. Roadshow th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c t\u1ea1i c\u00e1c trung t\u00e2m t\u00e0i ch\u00ednh l\u1edbn nh\u01b0 H\u00e0 N\u1ed9i v\u00e0 TP.HCM, th\u1eadm ch\u00ed m\u1edf r\u1ed9ng ra qu\u1ed1c t\u1ebf n\u1ebfu doanh nghi\u1ec7p h\u01b0\u1edbng t\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i.<\/p>\n\n\n\n<p>M\u1ed9t b\u01b0\u1edbc quan tr\u1ecdng kh\u00e1c l\u00e0 x\u00e1c \u0111\u1ecbnh gi\u00e1 IPO. Doanh nghi\u1ec7p c\u00f3 th\u1ec3 l\u1ef1a ch\u1ecdn ph\u01b0\u01a1ng ph\u00e1p d\u1ef1ng s\u1ed5 (book building) \u2013 thu th\u1eadp nhu c\u1ea7u v\u00e0 m\u1ee9c gi\u00e1 t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 ch\u00e0o b\u00e1n ph\u00f9 h\u1ee3p, ho\u1eb7c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed1 \u0111\u1ecbnh. M\u1ed7i ph\u01b0\u01a1ng ph\u00e1p c\u00f3 \u01b0u nh\u01b0\u1ee3c \u0111i\u1ec3m ri\u00eang, t\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 h\u1ea5p d\u1eabn c\u1ee7a doanh nghi\u1ec7p v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng t\u1ea1i th\u1eddi \u0111i\u1ec3m ph\u00e1t h\u00e0nh.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-3-b\u01b0\u1edbc-5-6-phan-b\u1ed5-c\u1ed5-phi\u1ebfu-amp-thanh-toan\">4.3 B\u01b0\u1edbc 5-6: Ph\u00e2n b\u1ed5 c\u1ed5 phi\u1ebfu &amp; Thanh to\u00e1n<\/h3>\n\n\n\n<p>Sau khi k\u1ebft th\u00fac \u0111\u1ee3t ch\u00e0o b\u00e1n, doanh nghi\u1ec7p c\u00f9ng \u0111\u01a1n v\u1ecb t\u01b0 v\u1ea5n s\u1ebd ti\u1ebfn h\u00e0nh ph\u00e2n b\u1ed5 c\u1ed5 phi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo nguy\u00ean t\u1eafc c\u00f4ng b\u1eb1ng, minh b\u1ea1ch v\u00e0 \u0111\u00fang cam k\u1ebft trong b\u1ea3n c\u00e1o b\u1ea1ch. Th\u00f4ng th\u01b0\u1eddng, c\u1ed5 phi\u1ebfu s\u1ebd \u0111\u01b0\u1ee3c \u01b0u ti\u00ean ph\u00e2n b\u1ed5 cho nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c, ti\u1ebfp \u0111\u1ebfn l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p nhu c\u1ea7u mua v\u01b0\u1ee3t qu\u00e1 s\u1ed1 l\u01b0\u1ee3ng ch\u00e0o b\u00e1n, doanh nghi\u1ec7p s\u1ebd \u00e1p d\u1ee5ng t\u1ef7 l\u1ec7 ph\u00e2n b\u1ed5 ph\u00f9 h\u1ee3p \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o c\u00f4ng b\u1eb1ng. \u0110\u00e2y l\u00e0 b\u01b0\u1edbc \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn c\u01a1 c\u1ea5u c\u1ed5 \u0111\u00f4ng v\u00e0 m\u1ee9c \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh c\u1ee7a c\u1ed5 phi\u1ebfu sau khi l\u00ean s\u00e0n.<\/p>\n\n\n\n<p>Song song v\u1edbi \u0111\u00f3 l\u00e0 qu\u00e1 tr\u00ecnh thanh to\u00e1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n ho\u00e0n t\u1ea5t vi\u1ec7c thanh to\u00e1n trong th\u1eddi gian quy \u0111\u1ecbnh, th\u01b0\u1eddng t\u1eeb 5\u20137 ng\u00e0y l\u00e0m vi\u1ec7c. Sau khi nh\u1eadn \u0111\u1ee7 ti\u1ec1n, doanh nghi\u1ec7p s\u1ebd ho\u00e0n t\u1ea5t vi\u1ec7c ghi nh\u1eadn quy\u1ec1n s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu th\u00f4ng qua Trung t\u00e2m L\u01b0u k\u00fd Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, thay v\u00ec ph\u00e1t h\u00e0nh ch\u1ee9ng ch\u1ec9 gi\u1ea5y nh\u01b0 tr\u01b0\u1edbc \u0111\u00e2y.<\/p>\n\n\n\n<p>\u0110\u00e2y c\u0169ng l\u00e0 th\u1eddi \u0111i\u1ec3m doanh nghi\u1ec7p ch\u00ednh th\u1ee9c t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 v\u00e0 c\u1eadp nh\u1eadt th\u00f4ng tin ph\u00e1p l\u00fd. Ngu\u1ed3n v\u1ed1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c s\u1ebd \u0111\u01b0\u1ee3c tri\u1ec3n khai theo k\u1ebf ho\u1ea1ch \u0111\u00e3 c\u00f4ng b\u1ed1, \u0111\u1ed3ng th\u1eddi doanh nghi\u1ec7p c\u1ea7n b\u00e1o c\u00e1o \u0111\u1ecbnh k\u1ef3 v\u1ec1 t\u00ecnh h\u00ecnh s\u1eed d\u1ee5ng v\u1ed1n cho \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc v\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-4-b\u01b0\u1edbc-7-niem-y\u1ebft-amp-ho\u1ea1t-d\u1ed9ng-sau-ipo\">4.4 B\u01b0\u1edbc 7: Ni\u00eam y\u1ebft &amp; Ho\u1ea1t \u0111\u1ed9ng sau IPO<\/h3>\n\n\n\n<p>Sau khi ho\u00e0n t\u1ea5t ph\u00e2n b\u1ed5 v\u00e0 thanh to\u00e1n, doanh nghi\u1ec7p b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n nh\u01b0 HOSE, HNX ho\u1eb7c \u0111\u0103ng k\u00fd giao d\u1ecbch tr\u00ean UPCoM. H\u1ed3 s\u01a1 ni\u00eam y\u1ebft s\u1ebd \u0111\u01b0\u1ee3c th\u1ea9m \u0111\u1ecbnh v\u00e0 ph\u00ea duy\u1ec7t tr\u01b0\u1edbc khi c\u1ed5 phi\u1ebfu ch\u00ednh th\u1ee9c giao d\u1ecbch.<\/p>\n\n\n\n<p>Ng\u00e0y giao d\u1ecbch \u0111\u1ea7u ti\u00ean l\u00e0 c\u1ed9t m\u1ed1c \u0111\u00e1nh d\u1ea5u vi\u1ec7c doanh nghi\u1ec7p tr\u1edf th\u00e0nh c\u00f4ng ty \u0111\u1ea1i ch\u00fang. T\u1eeb th\u1eddi \u0111i\u1ec3m n\u00e0y, gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd bi\u1ebfn \u0111\u1ed9ng theo cung c\u1ea7u th\u1ecb tr\u01b0\u1eddng, \u0111\u00f2i h\u1ecfi ban l\u00e3nh \u0111\u1ea1o theo d\u00f5i s\u00e1t sao v\u00e0 c\u00f3 chi\u1ebfn l\u01b0\u1ee3c truy\u1ec1n th\u00f4ng, quan h\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p.<\/p>\n\n\n\n<p>Sau IPO, doanh nghi\u1ec7p ph\u1ea3i tu\u00e2n th\u1ee7 nghi\u00eam ng\u1eb7t c\u00e1c ngh\u0129a v\u1ee5 c\u00f4ng b\u1ed1 th\u00f4ng tin. B\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd, n\u0103m v\u00e0 c\u00e1c th\u00f4ng tin quan tr\u1ecdng nh\u01b0 thay \u0111\u1ed5i nh\u00e2n s\u1ef1 c\u1ea5p cao, k\u1ebft qu\u1ea3 kinh doanh hay c\u00e1c th\u01b0\u01a1ng v\u1ee5 l\u1edbn \u0111\u1ec1u ph\u1ea3i \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 k\u1ecbp th\u1eddi. \u0110\u00e2y l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t \u0111\u1ec3 duy tr\u00ec ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 uy t\u00edn tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>\u0110\u1ed3ng th\u1eddi, doanh nghi\u1ec7p ph\u1ea3i t\u1ed5 ch\u1ee9c c\u00e1c \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng, th\u1ef1c hi\u1ec7n c\u00e1c ho\u1ea1t \u0111\u1ed9ng b\u1ea3o v\u1ec7 quy\u1ec1n l\u1ee3i c\u1ed5 \u0111\u00f4ng v\u00e0 ki\u1ec3m so\u00e1t giao d\u1ecbch n\u1ed9i b\u1ed9 ch\u1eb7t ch\u1ebd theo quy \u0111\u1ecbnh.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"587\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/quy-trinh-IPO-1024x587.webp\" alt=\"Quy tr\u00ecnh 7 b\u01b0\u1edbc th\u1ef1c hi\u1ec7n IPO\" class=\"wp-image-27072\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/quy-trinh-IPO-1024x587.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/quy-trinh-IPO-300x172.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/quy-trinh-IPO-768x440.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/quy-trinh-IPO-1536x880.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2026\/03\/quy-trinh-IPO.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Quy tr\u00ecnh 7 b\u01b0\u1edbc th\u1ef1c hi\u1ec7n IPO<\/em><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-base-finance-gi\u1ea3i-phap-h\u1ed7-tr\u1ee3-t\u1ed1i-\u01b0u-quy-trinh-ipo\">5. Base Finance+ \u2013 Gi\u1ea3i ph\u00e1p h\u1ed7 tr\u1ee3 t\u1ed1i \u01b0u quy tr\u00ecnh IPO<\/h2>\n\n\n\n<p>Trong qu\u00e1 tr\u00ecnh chu\u1ea9n b\u1ecb IPO, m\u1ed9t trong nh\u1eefng th\u00e1ch th\u1ee9c l\u1edbn nh\u1ea5t c\u1ee7a doanh nghi\u1ec7p kh\u00f4ng n\u1eb1m \u1edf th\u1ee7 t\u1ee5c ph\u00e1p l\u00fd, m\u00e0 \u1edf vi\u1ec7c \u0111\u1ea3m b\u1ea3o d\u1eef li\u1ec7u t\u00e0i ch\u00ednh \u0111\u1ee7 minh b\u1ea1ch, ch\u00ednh x\u00e1c v\u00e0 nh\u1ea5t qu\u00e1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u1ed5 \u0111\u00f4ng kh\u00f4ng ch\u1ec9 quan t\u00e2m \u0111\u1ebfn con s\u1ed1 t\u0103ng tr\u01b0\u1edfng, m\u00e0 c\u00f2n \u0111\u00e1nh gi\u00e1 cao kh\u1ea3 n\u0103ng truy xu\u1ea5t d\u1eef li\u1ec7u, t\u00ednh t\u1ee9c th\u1eddi c\u1ee7a b\u00e1o c\u00e1o v\u00e0 m\u1ee9c \u0111\u1ed9 ki\u1ec3m so\u00e1t t\u00e0i ch\u00ednh nghi\u00eam ng\u1eb7t c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>L\u00fac n\u00e0y, n\u1ebfu doanh nghi\u1ec7p v\u1eabn \u0111ang qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh theo c\u00e1ch r\u1eddi r\u1ea1c: d\u1eef li\u1ec7u ph\u00e2n t\u00e1n \u1edf nhi\u1ec1u ph\u00f2ng ban, b\u00e1o c\u00e1o t\u1ed5ng h\u1ee3p th\u1ee7 c\u00f4ng, \u0111\u1ed1i so\u00e1t ng\u00e2n h\u00e0ng m\u1ea5t nhi\u1ec1u th\u1eddi gian, th\u00ec ch\u1eafc ch\u1eafn s\u1ebd l\u00e0m gi\u1ea3m \u0111\u1ed9 tin c\u1eady khi l\u00e0m vi\u1ec7c v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0, g\u00e2y tr\u1edf ng\u1ea1i cho th\u01b0\u01a1ng v\u1ee5 IPO.<\/p>\n\n\n\n<p>Thay v\u00ec v\u1eady, t\u1ea1i sao doanh nghi\u1ec7p kh\u00f4ng s\u1eed d\u1ee5ng <strong><a href=\"https:\/\/base.vn\/platform\/finance?utm_source=blog&amp;utm_content=ipo-la-gi\" target=\"_blank\" rel=\"noreferrer noopener\">B\u1ed9 gi\u1ea3i ph\u00e1p qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n Base Finance+<\/a><\/strong> do Base.vn ph\u00e1t tri\u1ec3n?<\/p>\n\n\n\n<p>Base Finance+ s\u1ebd gi\u00fap doanh nghi\u1ec7p x\u00e2y d\u1ef1ng m\u1ed9t h\u1ec7 th\u1ed1ng ki\u1ec3m so\u00e1t t\u00e0i ch\u00ednh t\u1eadp trung, n\u01a1i m\u1ecdi d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c ghi nh\u1eadn theo th\u1eddi gian th\u1ef1c v\u00e0 s\u1eb5n s\u00e0ng cho vi\u1ec7c ph\u00e2n t\u00edch, b\u00e1o c\u00e1o. C\u1ee5 th\u1ec3:<\/p>\n\n\n\n<p>Tr\u01b0\u1edbc h\u1ebft, doanh nghi\u1ec7p c\u00f3 th\u1ec3 theo d\u00f5i to\u00e0n b\u1ed9 b\u1ee9c tranh t\u00e0i ch\u00ednh, t\u1eeb d\u00f2ng ti\u1ec1n, doanh thu \u0111\u1ebfn chi ph\u00ed, \u0111\u1ed3ng th\u1eddi tr\u1ef1c quan h\u00f3a b\u00e1o c\u00e1o v\u00e0 \u0111\u01b0a ra c\u00e1c d\u1ef1 b\u00e1o ng\u1eafn h\u1ea1n, d\u00e0i h\u1ea1n ph\u1ee5c v\u1ee5 chi\u1ebfn l\u01b0\u1ee3c IPO.<\/p>\n\n\n\n<p>\u1ede g\u00f3c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng, Base Finance+ h\u1ed7 tr\u1ee3 t\u1ef1 \u0111\u1ed9ng ghi nh\u1eadn t\u1ea5t c\u1ea3 ngu\u1ed3n thu tr\u00ean c\u00f9ng m\u1ed9t h\u1ec7 th\u1ed1ng, \u0111\u1ed3ng th\u1eddi ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3 kinh doanh theo t\u1eebng k\u00eanh. Khi t\u00edch h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng b\u00e1n h\u00e0ng v\u00e0 CRM, doanh nghi\u1ec7p c\u00f3 th\u1ec3 d\u1ef1 b\u00e1o doanh thu v\u00e0 c\u00f4ng n\u1ee3 ch\u00ednh x\u00e1c h\u01a1n \u2013 m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng khi x\u00e2y d\u1ef1ng b\u1ea3n c\u00e1o b\u1ea1ch.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, doanh nghi\u1ec7p c\u0169ng c\u00f3 th\u1ec3 theo d\u00f5i chi ph\u00ed m\u1ed9t c\u00e1ch ch\u1eb7t ch\u1ebd th\u00f4ng qua vi\u1ec7c \u0111\u1ed3ng b\u1ed9 ch\u1ee9ng t\u1eeb, c\u1ea3nh b\u00e1o v\u01b0\u1ee3t ng\u00e2n s\u00e1ch v\u00e0 ph\u00e2n t\u00edch hi\u1ec7u su\u1ea5t chi ti\u00eau.<\/p>\n\n\n\n<p>V\u1edbi Base Finance+, m\u1ecdi d\u1eef li\u1ec7u t\u00e0i ch\u00ednh kh\u00f4ng c\u00f2n r\u1eddi r\u1ea1c m\u00e0 \u0111\u01b0\u1ee3c t\u1ed5ng h\u1ee3p tr\u00ean m\u1ed9t h\u1ec7 th\u1ed1ng duy nh\u1ea5t, kh\u00e1ch quan v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c truy xu\u1ea5t b\u1ea5t k\u1ef3 l\u00fac n\u00e0o. \u0110\u00e2y ch\u00ednh l\u00e0 n\u1ec1n m\u00f3ng then ch\u1ed1t gi\u00fap doanh nghi\u1ec7p n\u00e2ng cao \u0111\u1ed9 tin c\u1eady v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 t\u1ef1 tin b\u01b0\u1edbc v\u00e0o h\u00e0nh tr\u00ecnh IPO.<\/p>\n\n\n\n<p>H\u00e3y b\u1eaft \u0111\u1ea7u chu\u1ea9n h\u00f3a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh ngay t\u1eeb h\u00f4m nay \u0111\u1ec3 s\u1eb5n s\u00e0ng cho nh\u1eefng b\u01b0\u1edbc ti\u1ebfn l\u1edbn h\u01a1n trong t\u01b0\u01a1ng lai.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/base.vn\/platform\/finance?utm_source=blog&amp;utm_content=ipo-la-gi\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"532\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5.png\" alt=\"Base Finance+\" class=\"wp-image-3106\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5.png 896w, https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5-300x178.png 300w, https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5-768x456.png 768w\" sizes=\"(max-width: 896px) 100vw, 896px\" \/><\/a><figcaption class=\"wp-element-caption\"><em>B\u1ed9 gi\u1ea3i ph\u00e1p qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n Base Finance+<\/em><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-cac-doanh-nghi\u1ec7p-ipo-thanh-cong-tren-th\u1ebf-gi\u1edbi\">6. C\u00e1c doanh nghi\u1ec7p IPO th\u00e0nh c\u00f4ng tr\u00ean th\u1ebf gi\u1edbi<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-1-apple\">6.1 Apple<\/h3>\n\n\n\n<p>N\u0103m 1980, Apple th\u1ef1c hi\u1ec7n IPO v\u1edbi m\u1ee9c gi\u00e1 22 USD\/c\u1ed5 phi\u1ebfu, huy \u0111\u1ed9ng kho\u1ea3ng 100 tri\u1ec7u USD. \u0110\u00e2y l\u00e0 ngu\u1ed3n l\u1ef1c quan tr\u1ecdng gi\u00fap c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c s\u1ea3n ph\u1ea9m mang t\u00ednh \u0111\u1ed9t ph\u00e1 nh\u01b0 Macintosh, \u0111\u1eb7t n\u1ec1n m\u00f3ng cho s\u1ef1 ph\u00e1t tri\u1ec3n d\u00e0i h\u1ea1n. Sau IPO, gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu Apple \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng v\u01b0\u1ee3t b\u1eadc, tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng c\u00e2u chuy\u1ec7n th\u00e0nh c\u00f4ng n\u1ed5i b\u1eadt nh\u1ea5t trong l\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-2-google\">6.2 Google<\/h3>\n\n\n\n<p>Google (nay l\u00e0 Alphabet) \u0111\u00e3 l\u1ef1a ch\u1ecdn m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c bi\u1ec7t khi IPO v\u00e0o n\u0103m 2004. Thay v\u00ec \u0111\u1ecbnh gi\u00e1 truy\u1ec1n th\u1ed1ng, Google \u00e1p d\u1ee5ng c\u01a1 ch\u1ebf \u0111\u1ea5u gi\u00e1 c\u00f4ng khai nh\u1eb1m t\u0103ng t\u00ednh minh b\u1ea1ch v\u00e0 t\u1ea1o c\u01a1 h\u1ed9i c\u00f4ng b\u1eb1ng cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n. V\u1edbi 1,67 t\u1ef7 USD huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c, c\u00f4ng ty \u0111\u00e3 \u0111\u1ea7u t\u01b0 m\u1ea1nh v\u00e0o h\u1ea1 t\u1ea7ng c\u00f4ng ngh\u1ec7 v\u00e0 m\u1edf r\u1ed9ng h\u1ec7 sinh th\u00e1i s\u1ea3n ph\u1ea9m nh\u01b0 Gmail, Google Maps hay Android. Th\u00e0nh c\u00f4ng n\u00e0y cho th\u1ea5y IPO kh\u00f4ng ch\u1ec9 l\u00e0 c\u00e2u chuy\u1ec7n t\u00e0i ch\u00ednh m\u00e0 c\u00f2n l\u00e0 chi\u1ebfn l\u01b0\u1ee3c x\u00e2y d\u1ef1ng ni\u1ec1m tin th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-3-alibaba\">6.3 Alibaba<\/h3>\n\n\n\n<p>M\u1ed9t h\u00ecnh m\u1eabu \u0111\u00e1ng ch\u00fa \u00fd kh\u00e1c l\u00e0 Alibaba v\u1edbi \u0111\u1ee3t IPO n\u0103m 2014 t\u1ea1i New York Stock Exchange. \u0110\u00e2y l\u00e0 th\u01b0\u01a1ng v\u1ee5 IPO l\u1edbn nh\u1ea5t l\u1ecbch s\u1eed v\u1edbi 25 t\u1ef7 USD \u0111\u01b0\u1ee3c huy \u0111\u1ed9ng. Ngu\u1ed3n v\u1ed1n n\u00e0y gi\u00fap Alibaba m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd h\u1ec7 sinh th\u00e1i, t\u1eeb th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed, logistics \u0111\u1ebfn t\u00e0i ch\u00ednh v\u00e0 \u0111i\u1ec7n to\u00e1n \u0111\u00e1m m\u00e2y. \u0110\u1ed3ng th\u1eddi, IPO c\u0169ng gi\u00fap doanh nghi\u1ec7p kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf tr\u00ean th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u.<\/p>\n\n\n\n<p>T\u1eeb nh\u1eefng c\u00e2u chuy\u1ec7n n\u00e0y, c\u00f3 th\u1ec3 th\u1ea5y IPO kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 m\u1ed9t ho\u1ea1t \u0111\u1ed9ng huy \u0111\u1ed9ng v\u1ed1n, m\u00e0 l\u00e0 b\u01b0\u1edbc ngo\u1eb7t chi\u1ebfn l\u01b0\u1ee3c gi\u00fap doanh nghi\u1ec7p n\u00e2ng t\u1ea7m qu\u1ea3n tr\u1ecb, m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 tr\u1edf th\u00e0nh nh\u1eefng t\u1eadp \u0111o\u00e0n l\u1eaby l\u1eebng tr\u00ean th\u1ebf gi\u1edbi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-cau-h\u1ecfi-th\u01b0\u1eddng-g\u1eb7p-v\u1ec1-ipo\">7. C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 IPO<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-1-nha-d\u1ea7u-t\u01b0-ca-nhan-mua-c\u1ed5-phi\u1ebfu-ipo-nh\u01b0-th\u1ebf-nao\">7.1 Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n mua c\u1ed5 phi\u1ebfu IPO nh\u01b0 th\u1ebf n\u00e0o?<\/h3>\n\n\n\n<p>\u0110\u1ec3 tham gia mua c\u1ed5 phi\u1ebfu IPO, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n c\u1ea7n m\u1edf t\u00e0i kho\u1ea3n t\u1ea1i m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 tham gia ph\u00e2n ph\u1ed1i \u0111\u1ee3t ph\u00e1t h\u00e0nh. Sau \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 theo d\u00f5i th\u00f4ng tin v\u1ec1 c\u00e1c \u0111\u1ee3t IPO tr\u00ean website c\u1ee7a \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc, c\u00e1c s\u1edf giao d\u1ecbch ho\u1eb7c ch\u00ednh c\u00f4ng ty ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n<p>Khi c\u00f3 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0, b\u01b0\u1edbc quan tr\u1ecdng l\u00e0 \u0111\u1ecdc k\u1ef9 b\u1ea3n c\u00e1o b\u1ea1ch \u0111\u1ec3 hi\u1ec3u r\u00f5 v\u1ec1 doanh nghi\u1ec7p: m\u00f4 h\u00ecnh kinh doanh, t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh, k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n v\u00e0 c\u00e1c r\u1ee7i ro li\u00ean quan. \u0110\u00e2y l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 thay v\u00ec ch\u1ec9 d\u1ef1a v\u00e0o \u201c\u0111\u1ed9 hot\u201d c\u1ee7a th\u01b0\u01a1ng v\u1ee5.<\/p>\n\n\n\n<p>Quy tr\u00ecnh \u0111\u0103ng k\u00fd mua th\u01b0\u1eddng kh\u00e1 \u0111\u01a1n gi\u1ea3n. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u0103ng k\u00fd tr\u1ef1c ti\u1ebfp t\u1ea1i c\u00f4ng ty ch\u1ee9ng kho\u00e1n ho\u1eb7c qua h\u1ec7 th\u1ed1ng online, l\u1ef1a ch\u1ecdn s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu v\u00e0 m\u1ee9c gi\u00e1 (n\u1ebfu \u00e1p d\u1ee5ng \u0111\u1ea5u gi\u00e1). S\u1ed1 ti\u1ec1n t\u01b0\u01a1ng \u1ee9ng s\u1ebd \u0111\u01b0\u1ee3c \u0111\u1eb7t c\u1ecdc ho\u1eb7c phong t\u1ecfa trong t\u00e0i kho\u1ea3n.<\/p>\n\n\n\n<p>Sau khi k\u1ebft th\u00fac \u0111\u1ee3t ph\u00e1t h\u00e0nh, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd nh\u1eadn th\u00f4ng b\u00e1o v\u1ec1 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5, ho\u00e0n t\u1ea5t thanh to\u00e1n v\u00e0 c\u1ed5 phi\u1ebfu s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o t\u00e0i kho\u1ea3n. Tuy nhi\u00ean, tr\u00ean th\u1ef1c t\u1ebf, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u01b0\u1eddng ch\u1ec9 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 m\u1ed9t ph\u1ea7n nh\u1ecf do doanh nghi\u1ec7p \u01b0u ti\u00ean cho nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c v\u00e0 t\u1ed5 ch\u1ee9c.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-2-gia-ipo-d\u01b0\u1ee3c-xac-d\u1ecbnh-b\u1eb1ng-cach-nao\">7.2 Gi\u00e1 IPO \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng c\u00e1ch n\u00e0o?<\/h3>\n\n\n\n<p>Gi\u00e1 IPO th\u01b0\u1eddng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo 2 ph\u01b0\u01a1ng ph\u00e1p ch\u00ednh.<\/p>\n\n\n\n<p>Th\u1ee9 nh\u1ea5t l\u00e0 \u0111\u1ecbnh gi\u00e1 c\u1ed1 \u0111\u1ecbnh. Doanh nghi\u1ec7p v\u00e0 \u0111\u01a1n v\u1ecb t\u01b0 v\u1ea5n s\u1ebd \u0111\u01b0a ra m\u1ed9t m\u1ee9c gi\u00e1 c\u1ee5 th\u1ec3 d\u1ef1a tr\u00ean c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 nh\u01b0 chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n (DCF), so s\u00e1nh P\/E, P\/B v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh ho\u1eb7c \u0111\u00e1nh gi\u00e1 t\u00e0i s\u1ea3n. M\u1ee9c gi\u00e1 n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u01b0\u1edbc v\u00e0 gi\u1eef nguy\u00ean trong su\u1ed1t qu\u00e1 tr\u00ecnh ch\u00e0o b\u00e1n.<\/p>\n\n\n\n<p>Th\u1ee9 hai l\u00e0 ph\u01b0\u01a1ng ph\u00e1p d\u1ef1ng s\u1ed5 (book building) ho\u1eb7c \u0111\u1ea5u gi\u00e1 c\u00f4ng khai. V\u1edbi c\u00e1ch n\u00e0y, doanh nghi\u1ec7p \u0111\u01b0a ra m\u1ed9t kho\u1ea3ng gi\u00e1 d\u1ef1 ki\u1ebfn v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u0103ng k\u00fd mua theo m\u1ee9c gi\u00e1 h\u1ecd ch\u1ea5p nh\u1eadn. D\u1ef1a tr\u00ean nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng, gi\u00e1 IPO cu\u1ed1i c\u00f9ng s\u1ebd \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh sao cho t\u1ed1i \u01b0u kh\u1ea3 n\u0103ng ph\u00e2n ph\u1ed1i v\u00e0 gi\u00e1 tr\u1ecb huy \u0111\u1ed9ng.<\/p>\n\n\n\n<p>Tr\u00ean th\u1ef1c t\u1ebf, gi\u00e1 IPO ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi nhi\u1ec1u y\u1ebfu t\u1ed1 nh\u01b0 <a href=\"https:\/\/base.vn\/blog\/tai-chinh-doanh-nghiep\/\" target=\"_blank\" rel=\"noreferrer noopener\">t\u00e0i ch\u00ednh doanh nghi\u1ec7p<\/a>, ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng, b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng v\u00e0 m\u1ee9c \u0111\u1ed9 quan t\u00e2m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-3-co-th\u1ec3-ban-c\u1ed5-phi\u1ebfu-ipo-ngay-sau-khi-mua-khong\">7.3 C\u00f3 th\u1ec3 b\u00e1n c\u1ed5 phi\u1ebfu IPO ngay sau khi mua kh\u00f4ng?<\/h3>\n\n\n\n<p>Kh\u1ea3 n\u0103ng b\u00e1n c\u1ed5 phi\u1ebfu IPO sau khi mua ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed1i t\u01b0\u1ee3ng nh\u00e0 \u0111\u1ea7u t\u01b0. \u0110\u1ed1i v\u1edbi c\u1ed5 \u0111\u00f4ng l\u1edbn, c\u1ed5 \u0111\u00f4ng s\u00e1ng l\u1eadp v\u00e0 ng\u01b0\u1eddi n\u1ed9i b\u1ed9, theo quy \u0111\u1ecbnh t\u1ea1i Lu\u1eadt Ch\u1ee9ng kho\u00e1n 2019 v\u00e0 Ngh\u1ecb \u0111\u1ecbnh 155\/2020, h\u1ecd ph\u1ea3i cam k\u1ebft n\u1eafm gi\u1eef \u00edt nh\u1ea5t 20% c\u1ed5 ph\u1ea7n trong th\u1eddi gian t\u1ed1i thi\u1ec3u 1 n\u0103m k\u1ec3 t\u1eeb ng\u00e0y ni\u00eam y\u1ebft. M\u1ed9t s\u1ed1 c\u00f4ng ty c\u00f2n cam k\u1ebft th\u1eddi gian kh\u00f3a c\u1ed5 phi\u1ebfu d\u00e0i h\u01a1n, c\u00f3 th\u1ec3 l\u00ean \u0111\u1ebfn 2 ho\u1eb7c 3 n\u0103m, nh\u1eb1m th\u1ec3 hi\u1ec7n s\u1ef1 cam k\u1ebft v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u01b0\u1eddng kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9, h\u1ecd c\u00f3 th\u1ec3 b\u00e1n c\u1ed5 phi\u1ebfu ngay sau khi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft v\u00e0 giao d\u1ecbch tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n. Tuy nhi\u00ean, trong th\u1ef1c t\u1ebf, m\u1ed9t s\u1ed1 c\u00f4ng ty \u00e1p d\u1ee5ng quy \u0111\u1ecbnh kh\u00f3a m\u1ed9t ph\u1ea7n c\u1ed5 phi\u1ebfu \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c trong th\u1eddi gian ng\u1eafn, th\u01b0\u1eddng t\u1eeb 3 \u0111\u1ebfn 6 th\u00e1ng, \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh \u1ed5n \u0111\u1ecbnh c\u1ee7a gi\u00e1 c\u1ed5 phi\u1ebfu sau IPO.<\/p>\n\n\n\n<p>Quy t\u1eafc kh\u00f3a c\u1ed5 phi\u1ebfu n\u00e0y nh\u1eb1m tr\u00e1nh t\u00ecnh tr\u1ea1ng c\u00e1c c\u1ed5 \u0111\u00f4ng l\u1edbn b\u00e1n th\u00e1o c\u1ed5 phi\u1ebfu ngay sau IPO, g\u00e2y s\u1ee5t gi\u00e1 m\u1ea1nh v\u00e0 l\u00e0m t\u1ed5n h\u1ea1i l\u1ee3i \u00edch c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi tham gia. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u1ecdc k\u1ef9 b\u1ea3n c\u00e1o b\u1ea1ch \u0111\u1ec3 n\u1eafm r\u00f5 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 kh\u00f3a c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-4-ipo-khac-gi-so-v\u1edbi-phat-hanh-c\u1ed5-phi\u1ebfu-b\u1ed5-sung\">7.4 IPO kh\u00e1c g\u00ec so v\u1edbi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu b\u1ed5 sung?<\/h3>\n\n\n\n<p>IPO v\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu b\u1ed5 sung (seasoned equity offering &#8211; SEO) \u0111\u1ec1u l\u00e0 c\u00e1c h\u00ecnh th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, tuy nhi\u00ean gi\u1eefa ch\u00fang c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t nh\u1ea5t \u0111\u1ecbnh. IPO l\u00e0 l\u1ea7n ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u1ea7u ti\u00ean ra c\u00f4ng ch\u00fang c\u1ee7a m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n, \u0111\u00e1nh d\u1ea5u b\u01b0\u1edbc chuy\u1ec3n m\u00ecnh sang c\u00f4ng ty \u0111\u1ea1i ch\u00fang. \u0110\u00e2y l\u00e0 s\u1ef1 ki\u1ec7n m\u1ed9t l\u1ea7n trong \u0111\u1eddi c\u1ee7a m\u1ed7i doanh nghi\u1ec7p v\u00e0 th\u01b0\u1eddng thu h\u00fat nhi\u1ec1u s\u1ef1 quan t\u00e2m t\u1eeb th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu b\u1ed5 sung x\u1ea3y ra sau khi c\u00f4ng ty \u0111\u00e3 IPO v\u00e0 \u0111ang ni\u00eam y\u1ebft tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n. \u0110\u00e2y l\u00e0 c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh ti\u1ebfp theo nh\u1eb1m huy \u0111\u1ed9ng th\u00eam v\u1ed1n cho c\u00e1c d\u1ef1 \u00e1n m\u1edf r\u1ed9ng, M&amp;A ho\u1eb7c thanh to\u00e1n n\u1ee3. C\u00f4ng ty \u0111\u00e3 ni\u00eam y\u1ebft c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n nhi\u1ec1u \u0111\u1ee3t ph\u00e1t h\u00e0nh b\u1ed5 sung trong su\u1ed1t qu\u00e1 tr\u00ecnh ho\u1ea1t \u0111\u1ed9ng, mi\u1ec5n l\u00e0 \u0111\u00e1p \u1ee9ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n theo quy \u0111\u1ecbnh.<\/p>\n\n\n\n<p>V\u1ec1 m\u1eb7t quy tr\u00ecnh, ph\u00e1t h\u00e0nh b\u1ed5 sung th\u01b0\u1eddng \u0111\u01a1n gi\u1ea3n v\u00e0 nhanh ch\u00f3ng h\u01a1n IPO v\u00ec c\u00f4ng ty \u0111\u00e3 c\u00f3 l\u1ecbch s\u1eed giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1a tr\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i v\u00e0 k\u1ebft qu\u1ea3 kinh doanh \u0111\u00e3 c\u00f4ng b\u1ed1. Trong khi \u0111\u00f3, IPO \u0111\u00f2i h\u1ecfi quy tr\u00ecnh chu\u1ea9n b\u1ecb ph\u1ee9c t\u1ea1p v\u00e0 th\u1eddi gian d\u00e0i h\u01a1n do c\u00f4ng ty ch\u01b0a c\u00f3 th\u00f4ng tin giao d\u1ecbch c\u00f4ng khai.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-5-cac-san-ch\u1ee9ng-khoan-\u1edf-vi\u1ec7t-nam-hose-hnx-upcom-co-yeu-c\u1ea7u-ipo-khac-nhau-khong\">7.5 C\u00e1c s\u00e0n ch\u1ee9ng kho\u00e1n \u1edf Vi\u1ec7t Nam (HOSE, HNX, UpCOM) c\u00f3 y\u00eau c\u1ea7u IPO kh\u00e1c nhau kh\u00f4ng?<\/h3>\n\n\n\n<p>Ba s\u00e0n ch\u1ee9ng kho\u00e1n t\u1ea1i Vi\u1ec7t Nam c\u00f3 c\u00e1c y\u00eau c\u1ea7u ni\u00eam y\u1ebft kh\u00e1c nhau, ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f3 quy m\u00f4 v\u00e0 n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh kh\u00e1c nhau. HOSE (S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh) l\u00e0 s\u00e0n giao d\u1ecbch l\u1edbn nh\u1ea5t v\u1edbi y\u00eau c\u1ea7u cao nh\u1ea5t. Doanh nghi\u1ec7p mu\u1ed1n ni\u00eam y\u1ebft tr\u00ean HOSE ph\u1ea3i c\u00f3 v\u1ed1n \u0111i\u1ec1u l\u1ec7 th\u1ef1c g\u00f3p t\u1ed1i thi\u1ec3u 120 t\u1ef7 \u0111\u1ed3ng, l\u1ee3i nhu\u1eadn sau thu\u1ebf d\u01b0\u01a1ng trong 2 n\u0103m li\u00ean ti\u1ebfp g\u1ea7n nh\u1ea5t, c\u00f3 t\u1ed1i thi\u1ec3u 20% th\u00e0nh vi\u00ean h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb \u0111\u1ed9c l\u1eadp v\u00e0 \u0111\u00e1p \u1ee9ng c\u00e1c ti\u00eau chu\u1ea9n nghi\u00eam ng\u1eb7t v\u1ec1 qu\u1ea3n tr\u1ecb c\u00f4ng ty.<\/p>\n\n\n\n<p>HNX (S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n H\u00e0 N\u1ed9i) c\u00f3 y\u00eau c\u1ea7u th\u1ea5p h\u01a1n, ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c doanh nghi\u1ec7p v\u1eeba. V\u1ed1n \u0111i\u1ec1u l\u1ec7 t\u1ed1i thi\u1ec3u l\u00e0 30 t\u1ef7 \u0111\u1ed3ng, c\u0169ng y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng trong 2 n\u0103m li\u00ean ti\u1ebfp nh\u01b0ng c\u00e1c ti\u00eau ch\u00ed v\u1ec1 qu\u1ea3n tr\u1ecb linh ho\u1ea1t h\u01a1n so v\u1edbi HOSE. Nhi\u1ec1u doanh nghi\u1ec7p l\u1ef1a ch\u1ecdn ni\u00eam y\u1ebft tr\u00ean HNX nh\u01b0 b\u01b0\u1edbc \u0111\u1ec7m tr\u01b0\u1edbc khi chuy\u1ec3n sang HOSE khi \u0111\u00e3 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n.<\/p>\n\n\n\n<p>UpCOM (th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u01b0a ni\u00eam y\u1ebft) l\u00e0 th\u1ecb tr\u01b0\u1eddng d\u00e0nh cho c\u00e1c doanh nghi\u1ec7p ch\u01b0a \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n ni\u00eam y\u1ebft tr\u00ean HOSE ho\u1eb7c HNX nh\u01b0ng mu\u1ed1n giao d\u1ecbch c\u00f4ng khai. Y\u00eau c\u1ea7u \u0111\u1ed1i v\u1edbi UpCOM th\u1ea5p nh\u1ea5t trong ba s\u00e0n, kh\u00f4ng c\u00f3 quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 v\u1ec1 v\u1ed1n \u0111i\u1ec1u l\u1ec7 t\u1ed1i thi\u1ec3u, ch\u1ee7 y\u1ebfu t\u1eadp trung v\u00e0o y\u00eau c\u1ea7u \u0111\u0103ng k\u00fd v\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin. UpCOM ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c doanh nghi\u1ec7p nh\u1ecf v\u00e0 v\u1eeba mu\u1ed1n th\u1eed nghi\u1ec7m th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n tr\u01b0\u1edbc khi quy\u1ebft \u0111\u1ecbnh ni\u00eam y\u1ebft ch\u00ednh th\u1ee9c.<\/p>\n\n\n\n<p>Vi\u1ec7c l\u1ef1a ch\u1ecdn s\u00e0n ph\u00f9 h\u1ee3p ph\u1ee5 thu\u1ed9c v\u00e0o quy m\u00f4, n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a t\u1eebng doanh nghi\u1ec7p. C\u00e1c doanh nghi\u1ec7p c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u t\u1eeb UpCOM ho\u1eb7c HNX, sau \u0111\u00f3 chuy\u1ec3n sang HOSE khi \u0111\u00e3 ph\u00e1t tri\u1ec3n \u0111\u1ee7 l\u1edbn v\u00e0 \u0111\u00e1p \u1ee9ng c\u00e1c ti\u00eau chu\u1ea9n cao h\u01a1n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-8-k\u1ebft-bai\">8. K\u1ebft b\u00e0i<\/h2>\n\n\n\n<p>T\u1eeb nh\u1eefng th\u00f4ng tin gi\u1ea3i \u0111\u00e1p \u201cIPO l\u00e0 g\u00ec\u201d, ch\u00fang ta c\u00f3 th\u1ec3 th\u1ea5y IPO kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh m\u00e0 c\u00f2n l\u00e0 b\u01b0\u1edbc ngo\u1eb7t chi\u1ebfn l\u01b0\u1ee3c trong h\u00e0nh tr\u00ecnh ph\u00e1t tri\u1ec3n c\u1ee7a m\u1ed9t doanh nghi\u1ec7p. T\u1eeb vi\u1ec7c huy \u0111\u1ed9ng ngu\u1ed3n v\u1ed1n l\u1edbn, n\u00e2ng cao uy t\u00edn th\u01b0\u01a1ng hi\u1ec7u \u0111\u1ebfn c\u1ea3i thi\u1ec7n h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb, IPO m\u1edf ra nhi\u1ec1u c\u01a1 h\u1ed9i nh\u01b0ng c\u0169ng \u0111\u1eb7t ra kh\u00f4ng \u00edt th\u00e1ch th\u1ee9c. Quy\u1ebft \u0111\u1ecbnh l\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n c\u1ea7n \u0111\u01b0\u1ee3c c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau ph\u00e1t tri\u1ec3n d\u00e0i h\u1ea1n v\u00e0 kh\u1ea3 n\u0103ng \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u nghi\u00eam ng\u1eb7t v\u1ec1 minh b\u1ea1ch v\u00e0 qu\u1ea3n tr\u1ecb c\u1ee7a doanh nghi\u1ec7p. V\u1edbi s\u1ef1 chu\u1ea9n b\u1ecb chu \u0111\u00e1o v\u00e0 h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb hi\u1ec7n \u0111\u1ea1i, doanh nghi\u1ec7p Vi\u1ec7t Nam ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 th\u00e0nh c\u00f4ng trong h\u00e0nh tr\u00ecnh IPO v\u00e0 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IPO (Initial Public Offering) hay ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang l\u00e0 m\u1ed9t trong nh\u1eefng con \u0111\u01b0\u1eddng chi\u1ebfn l\u01b0\u1ee3c gi\u00fap nhi\u1ec1u c\u00f4ng ty Vi\u1ec7t Nam m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 t\u0103ng c\u01b0\u1eddng n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh. B\u00e0i vi\u1ebft n\u00e0y c\u1ee7a Base.vn s\u1ebd gi\u00fap doanh nghi\u1ec7p hi\u1ec3u r\u00f5 IPO l\u00e0 g\u00ec, c\u00e1ch th\u1ee9c [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":27061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[51],"tags":[],"ppma_author":[59],"class_list":["post-27056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quan-ly-va-lanh-dao"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v24.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IPO l\u00e0 g\u00ec? 5 ph\u00fat hi\u1ec3u ngay c\u00e1ch doanh nghi\u1ec7p l\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n<\/title>\n<meta name=\"description\" content=\"IPO l\u00e0 g\u00ec? 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