Vietnam’s electric-vehicle maker VinFast said on Tuesday that it has filed for an initial public offering (IPO) with the US Securities and Exchange Commission.
VinFast, a unit of Vietnam’s biggest conglomerate Vingroup, will trade on the Nasdaq under the ” VFS ” ticker.
The company has not disclosed the exact number of shares to be offered or the price range.
According to a Reuters report, VinFast will convert to a Singapore public limited company (VinFast Auto Ltd) for the purpose of the IPO.
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VinFast intends to use the proceeds to fund the expansion of its two all-electric SUVs — the VF8 and VF9 — to the US. It plans a plant in North Carolina, with an initial projected capacity of 150,000 vehicles a year.
Citigroup, Morgan Stanley, Credit Suisse and JP Morgan lead a nine-bank syndicate behind the deal.
“VinFast will continue to monitor opportunities for future fundraisers as the market becomes more familiar with the VinFast brand and story,” said VinFast CEO Le Thi Thu Thuy.
VinFast expressed its intention in April last year to go public in the US to raise US$2 billion with a valuation of about US$60 billion.
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