Novaland (NVL) Sets October 2026 Share Sale to Raise VND 8,007B for Bond Debt

Overview

Novaland (HOSE: NVL) has fixed the subscription window for a public offering of nearly 800.7 million shares to existing shareholders at VND 10,000 per share, targeting gross proceeds of about VND 8,007 billion (roughly USD 320 million). The bulk of the capital is allocated to repaying or reducing principal on 13 Novaland-issued bond series, with the remainder injected into two subsidiaries to settle their own bonds. The move is the first of three shareholder-approved capital-raising plans to be executed.

Key Facts

• Offering size: up to 799.7 million new shares, on a 3:1 ratio (three existing shares entitle the holder to buy one new share).
• Offer price: VND 10,000 per share; expected gross proceeds of approximately VND 8,007 billion.
• Subscription period: October 8 to October 29, 2026; transfer of subscription rights runs October 8 to October 26, 2026.
• Bond repayment allocation: VND 5,953.3 billion for 13 Novaland bond codes, including NVLH2224006, NVLH2123010, NVLH2123014, NVLH2123009, NVLH2123007, NVLH2123011, NVLH2223008, NVLH2123013, NVLH2123003, NVLH2124002, NVLH2123006, NVLH2223007 and NVLH2224005.
• Subsidiary allocations: VND 916.3 billion to Nova Saigon Royal to repay bond NSRCH2223001, and VND 1,137.3 billion to No Va Thảo Điền to repay bond NTDCH2227001.
• Disbursement window: Q4 2026 through Q1 2027, with timing and amounts adjustable depending on market conditions and creditor agreements.
• Regulatory basis: offering certificate No. 431/GCN-UBCK issued by the State Securities Commission on September 14, 2026.

What Happened

Novaland Group (CTCP Tập đoàn Đầu tư Địa ốc No Va) announced the timetable for a public share offering under certificate No. 431/GCN-UBCK, granted by the State Securities Commission on September 14, 2026. The company will offer up to nearly 800.7 million shares to existing shareholders at VND 10,000 each, with a 3:1 exercise ratio. The new shares carry no transfer restrictions. Registration runs from October 8 to October 29, 2026, and rights trading from October 8 to October 26, 2026.

According to the company’s disclosure, VND 5,953.3 billion of the proceeds is designated to pay part or all of the principal on 13 bond series issued by Novaland itself, subject to agreements with bondholders. A further VND 916.3 billion will be contributed to Nova Saigon Royal to repay bond NSRCH2223001, and VND 1,137.3 billion will go to No Va Thảo Điền to repay bond NTDCH2227001. Novaland said payments are expected between Q4 2026 and Q1 2027, and that the timing and value of each disbursement may be adjusted flexibly based on market conditions and progress in negotiations with creditors. The offering is one of three capital-raising plans approved by shareholders via written ballot in July 2026; the other two are a private placement of up to 800 million shares to no more than 20 professional securities investors and an ESOP of more than 111.7 million shares for 2026. The company will execute the rights offering first, followed by the private placement, ESOP and any other plans.

Market Context

NVL closed at VND 12,800 on September 20, 2026, on the HOSE exchange, placing the VND 10,000 offer price at a discount to the prevailing market level. The real estate sector has been the most sensitive part of the Vietnamese equity market to credit conditions and bond-market liquidity since the 2022-2023 property downturn, and NVL remains one of the most heavily traded names in that group. The offering is sized at roughly 41% of the current share count on a pre-deal basis, a material dilution event that will test both retail demand and the stock’s ability to hold above the offer price through the subscription window.

Strategic Significance

The transaction is best understood as a balance-sheet repair rather than a growth-capital raise. By directing about 74% of gross proceeds to its own bond principal and the remainder to subsidiary bonds, Novaland reduces near-term refinancing pressure and creditor risk, which in turn supports the conditions for the two subsequent plans: the private placement to professional investors and the ESOP. For long-term holders, the key question is whether the deleveraging is sufficient to restore access to bank and bond funding for project completion, particularly in the southern Hồ Chí Minh City and satellite markets where Novaland’s inventory is concentrated. The VND 10,000 price sets a visible reference level for the private placement and for any future capital actions.

What to Watch

• Subscription results after the October 29, 2026 close, including the take-up rate and any shortfall that would require an adjusted allocation.
• Progress on the private placement of up to 800 million shares to no more than 20 professional investors, which the company said would follow the rights offering.
• Confirmation of bond principal repayments across the 13 NVL codes and the two subsidiary bonds, with disbursements scheduled between Q4 2026 and Q1 2027.
• Q3 2026 earnings release and any update on cash flow, inventory and project handovers.
• Foreign-ownership and share-count filings with the State Securities Commission and HOSE as the new shares are issued.