Vingroup plans VinFast IPO in the US
VOV.VN - Vingroup, Vietnam’s leading multisectoral conglomerate, is planning an initial public offering (IPO) of its car manufacturer VinFast in the United States that could raise about US$2 billion, Bloomberg reported.
Bloomberg cited sources saying the biggest carmaker in Vietnam is working with advisers to make its stock listed on the US stock exchange this quarter.
An offering could raise as much as US$3 billion, and the company is seeking a valuation of at least US$50 billion after the listing, according to Bloomberg.
At US$2 billion, VinFast’s IPO would be the biggest ever by a Vietnamese company after Vinhomes JSC’s US$1.4 billion first-time share sale in 2018. The carmaker could also become the first Vietnamese company to list in the US if successful.
Details about the scale and timeline of the IPO could change when negotiations begin. The firm’s representative declines to comment on this matter.
Vinfast is an automotive manufacturer, founded in 2017 by Vingroup billionaire Pham Nhat Vuong. It began delivering gasoline-fueled cars to Vietnamese consumers with BMW-licensed engines in 2019.
The carmaker plans to roll out electric cars later this year and said last month it has received 3,692 local orders. The startup aims to deliver its first electric vehicles to the US, Canada and Europe next year and is looking to open a factory in the US.
