Vingroup JSC, the conglomerate that owns VinFast is expected to raise $3 billion from the IPO
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www.autoblog.com
Here's some key details on Vingroups move to get listed:
VinFast, Vingroup's automaking arm, had flagged in April it was seeking an IPO slated for the second quarter of this year, eyeing a $60 billion valuation with expectation to raise at least $3 billion.
In Saturday's statement, Vingroup said it had set up a Singapore-based holding company owning a stake in Vinfast's operations in Vietnam to fuel the IPO process.
"The new company, VinFast Singapore, is a step to turn VinFast into a global company and prepare for its U.S. IPO," the company said in the statement. "Vingroup will be a major shareholder of VinFast Singapore."
On Thursday, Reuters exclusively reported Vingroup was seeking $1 bln from global investors for VinFast in pre-IPO fundraising. read more
Vingroup plans U.S. IPO for VinFast brand arm in late 2022
VinFast became Vietnam's first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.
www.autoblog.com
VinFast, Vingroup's automaking arm, had flagged in April it was seeking an IPO slated for the second quarter of this year, eyeing a $60 billion valuation with expectation to raise at least $3 billion.
In Saturday's statement, Vingroup said it had set up a Singapore-based holding company owning a stake in Vinfast's operations in Vietnam to fuel the IPO process.
"The new company, VinFast Singapore, is a step to turn VinFast into a global company and prepare for its U.S. IPO," the company said in the statement. "Vingroup will be a major shareholder of VinFast Singapore."
On Thursday, Reuters exclusively reported Vingroup was seeking $1 bln from global investors for VinFast in pre-IPO fundraising. read more
