Electric vehicle company VinFast is set to list in the US - potentially as early as January 2023. Find out everything you need to know ahead of the VinFast IPO.
What do we know about the VinFast IPO?
Vietnamese electric vehicle (EV) maker VinFast filed for its US IPO on December 6 2022. It’s expected to list in the first half of 2023, potentially as early as January, on the Nasdaq under the ticker ‘VFS’.
The company will be converting to a Singapore public limited company called VinFast Auto Ltd to complete the US offering. The number of shares and the price range have yet to be confirmed. If successful, it will be the first Vietnamese company to list on a US exchange.
Citigroup, Morgan Stanley, Credit Suisse and JP Morgan are leading the deal as part of a nine-bank syndicate, according to the company filing.
The IPO is intended to raise capital to fund VinFast’s expansion into the US market with its planned plant in North Carolina. Production at the plant are currently meant to start in 2024, giving the company a deadline for raising funds.
When is the VinFast IPO?
The date for the VinFast IPO has yet to be confirmed, although it’s estimated to happen within the first few months of 2023.
In November, the company said it would consider an IPO as early as January 2023, but the market has been very quiet in recent months due to ongoing market volatility creating unfavourable conditions.