Kafi Securities raises $19.3M in bonds to restructure debt
What's the deal? Kafi SecuritiesDealroom has a profile for this one. Try Dealroom → has raised VND 500 billion (≈$19.3 million) through a one-year bond issuance to restructure its debt. The Vietnamese brokerage (UPCOM: KAI) issued 5,000 non-convertible bonds at a VND 100 million face value, carrying a fixed 9.7% annual interest rate.
The details: The bonds, filed with the Hanoi Stock ExchangeDealroom has a profile for this one. Try Dealroom → on October 8, 2026, mature on October 8, 2027, with interest paid every six months. They carry no warrants and no collateral.
What's the money for? All proceeds will go toward restructuring the company's debts. Where funds fall short of covering all maturing obligations, Kafi will prioritise debts with earlier maturity dates.
Why now? The raise comes as Kafi pursues a broader capital push, having begun trading on UPCOM on September 9, 2026. By October 15, KAI shares traded at VND 11,400, down roughly 24% from their VND 15,000 reference price on day one.
What's the endgame? Beyond the bonds, Kafi plans two share issuances to raise up to VND 1,912.5 billion. It aims to offer 125 million shares to the public at VND 15,000 each — potentially VND 1,875 billion — plus 3.75 million ESOP shares at VND 10,000 each.
The bigger plan: Of the public offering proceeds, VND 1,312.5 billion is earmarked for margin lending and VND 562.5 billion for securities trading. If both issuances complete, Kafi's charter capital would rise from VND 7,500 billion to VND 8,787 billion, with the company targeting a listing on the HOSE.
The signal: The quick re-raise — debt restructuring stacked alongside equity offerings months after its market debut — shows Kafi moving fast to shore up its balance sheet and fund margin lending as it builds scale in Vietnam's brokerage market.
Read more: vietnam.vn
Image credit: Generated with Gemini
