Vietnam EV maker VinFast files for US IPO

Asian Tech Press (Dec 7) -- Vietnamese electric car maker VinFast has filed for an initial public offering in the U.S.

VinFast announced Wednesday that it has filed for an initial public offering (IPO) in the United States, and plans to list its ordinary shares on Nasdaq under the symbol "VFS".

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC,Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC will act as lead book-running managers and representatives of the underwriters for the IPO.

For the IPO, VinFast will convert to a Singapore public limited company, which will be named VinFast Auto Ltd, but it has not yet disclosed the number of shares to be issued or the price range range for the proposed offering.

While the company has not specified the timing of the offering, it has previously said that the IPO is initially scheduled for the fourth quarter of this year.

VinFast's parent company Vingroup JSC (VIC) said in May that the IPO could be delayed until 2023 due to market uncertainty.

Founded in 2017, VinFast has already launched two electric SUVs, the five-seat mid-size VF 8 and the seven-seat full-size VF 9.

The Vietnamese automaker is betting big on the U.S. market, hoping to compete with traditional car makers as well as other electric vehicle startups with the two all-electric SUVs and its battery rental business that can lower vehicle prices.

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