The "strange" destination of the cash flow of more than 1,400 billion VND from IPA Investment Group

IPA Investment Group Joint Stock Company (IPA) has just announced information regarding the results of its recent bond issuance.

Specifically, on November 18, 2025, IPA completed the issuance of 14,160 bonds, equivalent to an issuance value of VND 1,416 billion.

The bonds have a 5-year term and mature in November 2030 with a fixed interest rate of 9.5% per annum. These are non-convertible bonds, without warrants and without collateral.

After a period of rapid bond issuance in 2024, primarily to refinance old debt, the IPA paused for a while, and the bond issue on November 18th was the first bond issuance by the company in 2025.

According to the company's semi-annual report, as of June 30, 2025, IPA had 10 outstanding bond tranches, all with interest rates at 9.5% per year. The total outstanding debt of these 10 bond tranches is over VND 6,500 billion.

However, prior to the issuance of the bond issue last November, IPA stated that the company still had 5 outstanding bond issues with a total remaining debt of VND 3,298 billion.

Regarding the recently issued bond issue worth VND 1.416 billion, IPA plans to use the entire proceeds to implement its investment program by purchasing additional shares issued to existing shareholders of IPAF Company. This is a subsidiary in which IPA owns 99.8%.

IPAF will use the proceeds from the share offering to acquire existing shares in order to gain controlling ownership of companies that own, operate, and trade listed stocks in the finance, insurance, banking, and securities sectors. This will indirectly own listed stocks in these sectors, generating revenue and profits for IPAF.

According to IPAF's share offering plan, the company will issue an additional 141.8 million shares at an issue price of VND 10,000 per share, thereby raising capital and increasing its charter capital from VND 101 billion to VND 1,519 billion. In this offering, IPA will purchase 141.6 million shares of IPAF.

After raising capital, mostly from the IPA, IPAF will use all proceeds from the offering to acquire shares, reaching a 99.99% ownership and voting stake in five companies: ICapital Investment Management Joint Stock Company, IGrowth Capital Joint Stock Company, IValue Investment Management Joint Stock Company, IProsper Investment Management Joint Stock Company, and IVision Investment Management Joint Stock Company. The amounts allocated for purchasing shares in these companies are expected to be VND 288 billion, VND 284.4 billion, VND 284.4 billion, VND 271.2 billion, and VND 288 billion, respectively.

IPAF plans to issue a capital increase and invest in a series of new companies.

Notably, all five companies on IPAF's list of potential investments are newly established companies, only two months old, with initial charter capital of just 20 billion VND, and all primarily operate in the field of management consulting.

According to information from Dau Tu Online Newspaper, ICapital Investment Management Joint Stock Company was recently established on September 19, 2025, with its headquarters located at CT1 building, 43 Le Van Luong Street, Hanoi, and a charter capital of 20 billion VND. The company's registered main business is management consulting, and it was founded by three individuals: Ms. Do Thi Ngoc Anh, Ms. Hoang Thi Van, and Ms. Pham Thi Hue (currently the company's Chairwoman).

IGrowth Capital Joint Stock Company was also recently established on October 15, 2025, with a similar main business: management consulting. This company has a charter capital of 20 billion VND, primarily contributed by Ms. Nguyen Thi Bich Hoa (99.99%). The remaining capital is contributed by Mr. Vuong Hoang Son (Chairman and CEO) and Ms. Nguyen Khanh Huyen. It is known that Mr. Vuong Hoang Son is also the representative of Anvie Management Services Joint Stock Company, headquartered at the same address as ICapital Investment Management Joint Stock Company.

Similarly, IValue Investment Management Joint Stock Company was also established on the same day as ICapital with a charter capital of 20 billion VND. IVision Investment Management Joint Stock Company was established one day earlier, on September 18, 2025, with a similar charter capital. Meanwhile, there is no information available regarding IProsper Investment Management Joint Stock Company.

Thus, the more than 1.4 trillion VND raised by IPA through bonds will flow to IPAF, indirectly to the five newly established companies. While the charter capital of each of these companies is only 20 billion VND, IPAF anticipates that the amount needed to acquire controlling shares will reach over 270-290 billion VND for each transaction. The acquisitions are scheduled to take place in 2025.

Source: https://baodautu.vn/diem-den-la-cua-dong-tien-hon-1400-ty-dong-tu-tap-doan-dau-tu-ipa-d438178.html