VinFast, a manufacturer of electric vehicles in Vietnam, has applied for an IPO in the United States just as it is getting ready to deliver its first SUVs to customers in California later this month.
According to an F-1 filing with the Securities and Exchange Commission of the United States, banks such as Citigroup Inc., Morgan Stanley, Credit Suisse Group AG, and JPMorgan Chase & Co. are providing Vingroup JSC, a conglomerate unit of VinFast, with advice. On the Nasdaq Global Select Market, the company’s shares will trade under the symbol VFS. No information regarding the length of a possible listing date has been provided.
VinFast’s initial public offering plan has been permeating for something like two years, and the organization was thinking about a 2 billion US initial public offering for the electric vehicle maker. VinFast filed a confidential share sale application in April 2022, and an offering could begin in January 2023 to raise at least $1 billion.
According to VinFast CEO Le Thi Thu Thuy, the company will sell its shares on Nasdaq when market conditions permit. As indicated by Le Thi Thu Thuy, VinFast comprehends that their organization’s valuation and the size of the initial public offering will be dependent upon the economic situation.
She added that VinFast will have easier access to capital markets once the company has successfully listed in the United States. VinFast will keep an eye out for new fundraising opportunities.
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