Vietnam’s electric-vehicle maker VinFast said on Tuesday it had filed for an initial public offering (IPO) in the United States to list on the Nasdaq under ticker symbol “VFS” to fund its expansion with a planned plant in North Carolina.
Image source: https://vinfastauto.us/newsroom
For the IPO, the company said it would convert to a Singapore public limited company and would be known as VinFast Auto Ltd, while the number of shares to be offered and the price range for the proposed offering had not yet been determined. A unit of Vietnam’s biggest conglomerate Vingroup, VinFast first flagged its US IPO in April last year, aiming to raise $2 billion with valuation of about $60 billion.
“VinFast will continue to monitor opportunities for future fundraises, as the market becomes more familiar with the VinFast brand and story,” she said. No time frame was specified for the offering on Tuesday although the company had said it aimed for an IPO in the fourth quarter of this year.
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