Vietnam: Vingroup said to weigh US$2bil US IPO of Unit VinFast


The biggest carmaker in Vietnam is working with advisers on the potential offering that could take place as soon as this quarter, the people said. - Bloomberg

HANOI, April 12 (Bloomberg): Vingroup JSC is considering a US initial public offering of its car unit VinFast that could raise about US$2 billion, according to people familiar with the matter.

The biggest carmaker in Vietnam is working with advisers on the potential offering that could take place as soon as this quarter, the people said.

An offering could raise as much as $3 billion, said the people, who asked not to be identified as the information is private. The company is seeking a valuation of at least $50 billion after a listing, one of the people said.

At $2 billion, VinFast’s IPO would be the biggest ever by a Vietnamese company after Vinhomes JSC’s $1.4 billion first-time share sale in 2018, according to data compiled by Bloomberg. The carmaker could also become the first Vietnamese company to list in the U.S. if successful.

Details of VinFast’s IPO including size and timeline could change as deliberations are ongoing, the people said. A representative for Vingroup declined to comment.

VinFast, founded by billionaire Pham Nhat Vuong, began delivering gasoline-powered autos to Vietnamese consumers with BMW-licensed engines in 2019. The carmaker plans a Vietnam roll-out of 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 U.S., Canada and Europe next year and is looking to open a factory in the US.

Shares in Vingroup have risen 22% this year, giving the company a market value of about $19 billion. - Bloomberg
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Aseanplus News

US agrees to remove Xiaomi from blacklist after lawsuit
Laos receives donations of medical supplies from China to fight Covid-19
Asean is failing its ‘ultimate test’ in Myanmar - but it’s not too late: Jakarta Post contributor
A wake-up call for anti-China forces in India, the EU: Global Times
US DOJ remits RM1.9bil in seized monies to Malaysia
Open Manila to new ecozones: Philippine Inquirer
Myanmar arrests 39 over blasts, seeking training with rebels: media
Indian middlemen’s price-gouging of China-made oxygen slammed
Thailand expects delivery of 500,000 more Sinovac doses, 2 million register for vaccination
Meet China's elderly influencers cashing in on the internet

Stories You'll Enjoy


Vouchers