VinFast shares surge after successful IPO on the Nasdaq
VOV.VN - While all three main indexes of the US stock exchange fell on August 15 (local time), VinFast’s shares rose to US$37.06 each following its successful initial public offering (IPO) on the Nasdaq Global Select Market on the same day.
The S&P 500 fell 1.16% to 4,437.86 points, the Nasdaq dropped 1.14% to 13,631.05 poionts, and the Dow Jones Industrial Average lost 1.02% to 34,946.39 points.
The first trading session on August 15 saw nearly 6.8 million shares of Vinfast change hands, raising the market capitalization of the Vietnamese electric vehicle maker to US$85.5 billion, 3.7 times higher than the initial valuation of US$23 billion.
The successful listing and trading of VinFast shares on Nasdaq in the US - the world’s largest capital market - not only opens up opportunities for the EV maker to access international capital markets, but also inspires Vietnamese brands to go public globally.
To prepare for the IPO, VinFast and Black Spade Acquisition Co. of the US entered into a business combination agreement in May 2023. The US firm then adopted the business combination plan at a special shareholders’ meeting held on August 10. The business combination was completed on August 14 before VinFast’s shares went public the following day.
The news about VinFast’s IPO listing on the Nasdaq has served to convince investors to pour capital into shares of Vingroup, the parent company of VinFast on the Ho Chi Minh City Stock Exchange (HOSE). VIC stock increased by 20.78% from July 31 to August 4, before continuing to jump by 16.7% in the past week, closing at a one-year high of VND72,600 each.
VinFast’s profile is now available on the Nasdaq website. The carmaker aims to be a leader in the future of Smart Mobility through its intelligent, thoughtful and inclusive EV platform. It desires to foster a cleaner and more sustainable approach to 21st century mobility that is evolutionary and revolutionary.
Its all-electric sports utility vehicles (SUVs) have been delivered to customers in Vietnam and North America. Customers in Europe are expected to receive VinFast cars soon.
VinFast’s EV models that have been handed over in the Vietnamese market include VF e34, VF 8, VF 9 and VF 5. In early 2023, the company shipped the first two batches of VF 8s to North America. Most recently, the EV maker started construction of an electric vehicle factory in North Carolina (USA).
