EVF Private Placement: 85M Shares at VND 13,500 Backed by SSIAM, Daiwa-SSIAM and Leadvisors

Overview

EVF, the HOSE-listed financial arm of Vietnam’s power sector, plans a private placement of up to 85 million shares at VND 13,500 each, raising a maximum of VND 1,147.5 billion. Four institutional investors are named in the disclosed documents: SSIAM, Japan Vietnam Capital Fund I, Daiwa-SSIAM Vietnam Growth Fund IV and Leadvisors Capital. The placement matters because it would bring both Japanese institutional capital and a restructuring-oriented domestic partner onto the register at a premium to the current market price.

Key Facts

• Placement size: up to 85 million shares at VND 13,500 per share, for maximum proceeds of VND 1,147.5 billion.
• Offer price is roughly 18-20% above EVF’s recent market trading range of VND 11,200-11,400 per share.
• Post-placement charter capital is expected to reach approximately VND 8,455.7 billion.
• Leadvisors Capital is slated to buy 40,000,000 shares, equal to VND 540 billion at the offer price and about 4.73% of post-issuance capital.
• Japan Vietnam Capital Fund I, L.P. is set to buy 22,148,100 shares, or 2.62%; the fund has USD 90 million in assets.
• SSIAM is set to buy 18,271,400 shares, or 2.16% of post-issuance capital.
• Daiwa-SSIAM Vietnam Growth Fund IV (USD) L.P. is set to buy 4,580,500 shares, or 0.54%.
• All four buyers are institutional; no individual investors are listed in the disclosed allocation.

What Happened

The allocation was set out in company disclosure documents, which list four institutional purchasers and no retail participation. Two of the buyers are Japanese-linked funds: Japan Vietnam Capital Fund I, L.P., a USD 90 million vehicle focused on listed and pre-listing Vietnamese companies, and Daiwa-SSIAM Vietnam Growth Fund IV (USD) L.P., the fourth fund in the SSIAM-Daiwa Corporate Investment partnership and 0.54% of post-issuance capital. SSIAM, the fund management arm of SSI established in 2007, is set to take 2.16%.

The largest single allocation goes to Leadvisors Capital, a group founded in 2008 that spans investment, M&A, capital-raising advisory, asset management and restructuring. Its model extends beyond buying equity stakes to direct operational involvement and post-investment corporate reform, with a stated portfolio spanning office real estate, hotels, resorts and consumer goods. The documents do not disclose a completion timetable or the conditions attached to the placement.

Market Context

EVF trades on HOSE and closed at VND 11,550 on 15 October 2026, placing the VND 13,500 offer price at a premium of roughly 17% to that close and within the 18-20% premium range cited against the VND 11,200-11,400 band. The stock sits in the financial services sector, where Vietnamese lenders and finance companies have leaned on private placements to rebuild capital buffers as credit demand recovers. The presence of two Japan-linked funds alongside SSIAM continues a pattern of Vietnamese-Japanese capital partnerships in listed equity.

Strategic Significance

The composition of the buyer list is the core of the story. SSIAM and the Daiwa-SSIAM vehicle bring fund-management discipline and a Japanese institutional network, while Leadvisors brings a restructuring mandate and the largest single ticket at 4.73%. For long-term holders, the placement is effectively a capital injection at a premium to market, which supports book value per share if proceeds are deployed at returns above the cost of the new equity. The risk is dilution if the capital is not matched by earnings growth, and the concentration of a restructuring-oriented holder creates the possibility of strategic or governance changes that could reshape EVF’s business mix.

What to Watch

• Confirmation of the placement completion date and final subscription results from EVF’s disclosure channel.
• Any revision to the VND 13,500 offer price or the 85 million share cap before closing.
• EVF’s next financial statements for how proceeds are deployed and the resulting capital adequacy position.
• Foreign-ownership room and registration filings tied to the two Japan-linked funds.
• Any board or management changes following Leadvisors Capital’s entry as a 4.73% holder.