Kafi Securities to List on UPCoM Sept 9, Market Cap Over 11 Trillion VND
This Aveluro analysis covers KAI. The classified event type is ipo, with positive sentiment and a deterministic market-impact score of 6.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from Vietstock - Cổ phiếu, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Kafi Securities (KAI) will debut on the Unlisted Public Company Market (UPCoM) on September 9, 2026, with 750 million shares and a market capitalization of 11.25 trillion VND. The listing follows the company’s transition to a public company in July 2026 and precedes a planned move to the Ho Chi Minh Stock Exchange (HOSE). Kafi also announced a public offering and ESOP issuance to raise funds for margin lending and proprietary trading.
Key Facts
- 750 million KAI shares will have their first trading session on UPCoM on September 9, 2026.
- Reference price set at 15,000 VND per share, giving a market cap of 11,250 billion VND (approx. USD 450 million).
- As of the filing date (July 16, 2026), Kafi had charter capital of 7,500 billion VND, equity of 8,237 billion VND, and 141 shareholders.
- Foreign investors hold 150 million shares, representing 20% of charter capital.
- Kafi plans to offer 125 million shares to the public at a minimum price of 15,000 VND/share, raising at least 1,875 billion VND.
- ESOP issuance of 3.75 million shares at 10,000 VND/share will raise 37.5 billion VND.
- Total funds raised (minimum 1,912.5 billion VND) will be allocated to margin lending (1,350 billion VND) and proprietary trading (562.5 billion VND), disbursed from Q3 2026.
What Happened
On August 28, 2026, the Hanoi Stock Exchange (HNX) approved Kafi Securities’ registration to trade on UPCoM. The first trading day is scheduled for September 9, 2026, with 750 million shares under the ticker KAI. This milestone comes shortly after Kafi became a public company on July 6, 2026.
In a related development, Kafi’s board approved a plan to issue 125 million shares to the public and 3.75 million ESOP shares. The company expects to raise at least 1,912.5 billion VND, which will be used to expand margin lending and proprietary trading operations. The company also stated its intention to list on HOSE within 2026, pending fulfillment of requirements.
Market Context
Kafi Securities (KAI) will trade on UPCoM, the unlisted public company market operated by HNX. The securities sector in Vietnam has seen increased activity as brokerages raise capital to meet growing retail participation. Kafi’s market cap of 11.25 trillion VND places it among mid-sized securities firms. The company’s 2026 targets include net revenue of 6,462 billion VND and after-tax profit of 840 billion VND, both 2.3 times 2025 results.
Strategic Significance
Kafi’s listing on UPCoM and subsequent planned move to HOSE signal a strategic push to enhance its capital market presence and attract both domestic and international investors. The capital raise through public offering and ESOP is aimed at strengthening its balance sheet to support margin lending and proprietary trading, which are key revenue drivers for Vietnamese brokerages. The company’s ambitious growth targets reflect confidence in the market’s expansion, but execution will depend on market conditions and regulatory approvals.
What to Watch
- First trading day on UPCoM on September 9, 2026, and initial price performance.
- Timeline and details of the public offering and ESOP issuance, including final pricing and subscription results.
- Progress toward listing on HOSE, with the company aiming for 2026.
- Quarterly financial results to see if the company meets its 2026 revenue and profit targets.
- Any changes in foreign ownership limits or investor sentiment affecting the stock.