|VinFast is working with advisers on the potential IPO in the US|
Newswire Bloomberg stated that local carmaker VinFast is working with advisers to carry out a potential offering that could take place in the second quarter. The IPO is expected to raise about $3 billion and would put the company’s valuation to $50 billion.
Accordingly, with the sum of $2 billion, VinFast’s IPO will be the biggest ever staged by a Vietnamese company on the US stock exchange. Besides, the $50 billion market capitalisation would put VinFast in the top 13 companies with the biggest assessed value in the world, on the same level as leading car makers Ferrari ($52 billion), Hyundai ($51.22 billion), and Honda ($50.94 billion).
The parent company Vingroup (HSX: VIC) has been blossoming in Vietnam, with its stock valuation rising consistently. In the morning of April 13, VIC increased as much as 5.3 per cent to VND140,000 ($6.08). Since early this year, VIC picked up 27 per cent in value, equivalent to $20 billion in market capitalisation.
Ever since announcing its entry into high-tech through electronic vehicles and smartphones, Vingroup has been keen on gaining a foothold in the US. In an interview with CNN , the group’s vice chairwoman Le Thi Thu Thuy said that the US is a very promising market and the group “will initially focus resources on investing there, then steadily expand to other markets.”
According to the company, the US is the most demanding market in the world. Therefore, once it gains success there, targeting nearby markets will be easier.
By Van Anh