EVF Private Placement: SSIAM, Japan Funds and Leadvisors Buy 85M Shares

Overview

EVF Power Finance Joint Stock Company (HOSE: EVF) has disclosed the investor list for its planned private placement of up to 85 million shares at VND 13,500 each, raising a maximum of VND 1,147.5 billion. The buyers include SSIAM, two Japan-linked funds and Leadvisors Capital, with the largest single allocation going to Leadvisors. The placement price sits roughly 20% above EVF’s recent market close of VND 11,550 (2026-10-15).

Key Facts

• Placement size: up to 85 million shares at VND 13,500 per share, raising up to VND 1,147.5 billion.
• Offer price is approximately 20% above EVF’s traded price of VND 11,550 on 2026-10-15.
• Post-deal charter capital is projected to reach about VND 8,455.7 billion.
• Leadvisors Capital (CTCP Tập đoàn Leadvisors Capital) is slated to buy 40,000,000 shares, or about 4.73% of post-issuance capital, worth VND 540 billion at the offer price.
• Japan Vietnam Capital Fund I, L.P. is set to buy 22,148,100 shares (2.62%); the fund has USD 90 million in scale.
• SSIAM is set to buy 18,271,400 shares (2.16%); Daiwa-SSIAM Vietnam Growth Fund IV (USD) L.P. is set to buy 4,580,500 shares (0.54%), a USD 30.5 million vehicle.
• The plan follows an extraordinary general meeting of shareholders held in August 2026.

What Happened

EVF’s Board of Directors published a document setting out the private placement plan to increase charter capital, under the terms approved by the company’s extraordinary general meeting in August 2026. The filing names four intended subscribers: Japan Vietnam Capital Fund I, L.P.; Daiwa-SSIAM Vietnam Growth Fund IV (USD) L.P.; SSI Asset Management Company Limited (SSIAM); and Leadvisors Capital Group Joint Stock Company. Two of the vehicles carry direct Japanese institutional backing, one is a leading domestic fund manager, and one is an investment group focused on M&A and corporate restructuring.

Leadvisors Capital is the largest intended subscriber at 40 million shares, equivalent to VND 540 billion at the VND 13,500 offer price and about 4.73% of capital after issuance. SSIAM, established in 2007 and part of SSI, is down for 18,271,400 shares, or 2.16%. Japan Vietnam Capital Fund I, a USD 90 million vehicle targeting listed and pre-listing Vietnamese companies, is set for 22,148,100 shares, or 2.62%. Daiwa-SSIAM Vietnam Growth Fund IV, the fourth vehicle in the SSIAM-Daiwa Corporate Investment partnership and sized at USD 30.5 million, is down for 4,580,500 shares, or 0.54%. The filing does not disclose a definitive completion date or any escrow or lock-up terms.

Market Context

EVF trades on the HOSE and closed at VND 11,550 on 2026-10-15, placing the VND 13,500 placement price at a premium of roughly 20% to the market. That premium is unusual for Vietnamese private placements, which more often price at or below the prevailing market. The deal sits within the financial services sector, where capital adequacy and balance-sheet capacity are the primary competitive levers, and it follows a broader trend of Vietnamese listed companies tapping institutional and foreign capital to fund expansion after a period of constrained credit conditions.

Strategic Significance

The investor mix is the core signal. Two Japan-linked funds and SSIAM bring portfolio capital and governance expectations, while Leadvisors Capital brings an M&A and restructuring mandate that suggests a more active ownership role than a passive financial stake. For long-term holders, the placement converts EVF’s growth ambitions into a funded capital base of roughly VND 8,455.7 billion in charter capital, which supports lending and investment capacity in a sector where scale determines access to funding and deal flow. The 20% premium also implies the subscribers are underwriting a re-rating thesis rather than arbitraging the current quote.

What to Watch

• Confirmation of the placement completion and the final subscriber allocations versus the announced figures.
• Any disclosure of lock-up periods, escrow arrangements or board representation tied to the Leadvisors Capital stake.
• EVF’s next financial statements for the actual post-issuance charter capital and capital adequacy position.
• Foreign-ownership room and registration filings for the two Japan-linked funds.
• Follow-on activity from Leadvisors Capital, given its restructuring mandate, including any changes to EVF’s strategy or asset mix.