Kafi Securities' KAI shares debut on UPCoM with high volatility

Kafi Securities Joint Stock Company (Kafi) officially debuted its 750 million KAI shares on the UPCoM market on September 9. The stock opened at a ceiling price of 21,000 VND, a 40% increase from its reference price of 15,000 VND, reaching a temporary market capitalization of 15.75 trillion VND.

However, the stock experienced significant volatility. Following the initial surge, the price reversed, dropping to 12,300 VND by the end of the second trading session on September 10. This represents a decline of approximately 18% from the reference price and over 41% from its peak. Trading volume remained low, with only about 0.1% of the total registered shares changing hands during the first two sessions.

Kafi's recent financial reports show a 155% increase in pre-tax profit, though approximately 62.6% of this is attributed to unrealized gains. The company has stated that the UPCoM listing is a step in its IPO strategy, with future plans to seek listing on the Ho Chi Minh City Stock Exchange (HOSE). Additionally, Kafi intends to issue 128.75 million additional shares through public offerings and ESOP programs to raise at least 1.9125 trillion VND.