Vietnamese electric vehicle maker VinFast files for US IPO

Vietnamese electric vehicle maker VinFast announced on Tuesday that it has applied for an initial public offering (IPO) with the US Securities and Exchange Commission.

VinFast, a unit of Vietnam’s largest conglomerate Vingroup, is traded on the Nasdaq under the ticker “VFS”.

The company did not disclose the exact number of shares to be offered or the price range.

According to a Reuters report, VinFast will be transformed into a public company in Singapore (VinFast Auto Ltd) for the purpose of going public.

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VinFast intends to use the proceeds to fund the expansion of its two all-electric SUVs – the VF8 and VF9 – into the United States. It plans a plant in North Carolina with an initial capacity of 150,000 vehicles per year.

Citigroup, Morgan Stanley, Credit Suisse and JP Morgan are leading a consortium of nine banks behind the deal.

“VinFast will continue to monitor opportunities for future fundraisers as the market becomes more familiar with the VinFast brand and history,” said Le Thi Thu Thuy, CEO of VinFast.

VinFast announced its intention to go public in the US in April last year to raise $2 billion with a valuation of about $60 billion.

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