Bidiphar (DBD) Plans VND 1,165B Private Placement for Two Pharma Factories

Overview

Bidiphar (DBD) will propose a private placement of 23.3 million shares to raise approximately VND 1,165 billion at its 2026 Annual General Meeting of Shareholders (AGM) on April 25, 2026. The capital is intended to fund two key pharmaceutical factory projects, marking a significant expansion move for the company as it addresses a revenue shortfall from 2025.

Key Facts

• Bidiphar will propose the private placement at its 2026 AGM scheduled for April 25, 2026.
• The placement involves 23.3 million shares, targeting up to five professional securities investors.
• The minimum offering price is set at VND 50,000 per share, implying a minimum raise of VND 1,165 billion.
• Proceeds are allocated to two projects: a VND 840 billion small-volume sterile drug factory and a VND 870 billion OSD Non-Betalactam factory.
• In 2025, Bidiphar reported revenue of over VND 1,865 billion, up 8% year-on-year, but achieved only 93% of its revenue target.
• Net profit after tax for 2025 was VND 290.7 billion, a 6% increase from 2024.
• Construction in progress on the balance sheet surged 132% to VND 542 billion at end-2025, largely due to the Nhơn Hội high-tech pharmaceutical plant project.

What Happened

According to the company’s planned agenda for its 2026 AGM, Bidiphar (DBD) intends to seek shareholder approval for a private placement of 23.3 million shares. The offering will be directed to a maximum of five professional securities investors, with the specific price to be determined by the Board of Directors through direct negotiation, but not lower than VND 50,000 per share. At this minimum price, the total expected proceeds amount to approximately VND 1,165 billion.

The company stated that the raised funds will be prioritized for disbursement to two major projects: the Small-Volume Sterile Drug Manufacturing Plant project with a total budget of VND 840 billion and the OSD Non-Betalactam Factory project with a total budget of VND 870 billion. This move follows the company’s 2025 financial results, where it reported revenue growth but fell short of its revenue target, achieving only 93% of the planned figure.

Market Context

Bidiphar (DBD) trades on the Ho Chi Minh Stock Exchange (HOSE). As of April 10, 2026, the stock closed at VND 52, up 1.57% on a volume of 27,500 shares. The proposed capital raise comes at a time when the company’s financials show a mixed picture: while cash and deposits increased 39% to VND 611 billion at end-2025, construction in progress jumped 132% to VND 542 billion, indicating active investment in capacity expansion. The placement, if approved, would significantly increase equity capital to fund this ongoing build-out.

Strategic Significance

The private placement represents a strategic pivot to fund capacity expansion in specialized pharmaceutical manufacturing. By targeting sterile drugs and non-betalactam products, Bidiphar is positioning itself in higher-value segments of the domestic pharmaceutical market. The move addresses the capital intensity of such projects, as evidenced by the sharp rise in construction-in-progress on its balance sheet. Successfully deploying this capital could reduce future reliance on debt, which saw long-term borrowings increase 4.7x in 2025, and improve economies of scale.

What to Watch

• Shareholder vote on the private placement proposal at the 2026 AGM on April 25, 2026.
• Final pricing and identity of the up to five professional investors in the placement.
• Construction progress and capital disbursement timelines for the two factory projects.
• Subsequent quarterly earnings reports to monitor revenue growth and margin impact from the new capacity.
• Any updates on the company’s long-term debt structure following the equity raise.