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Vingroup plans U.S. IPO for automaking arm in late 2022

Stock MarketsDec 04, 2021 05:35AM ET
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© Reuters. FILE PHOTO: Labourers work at Vinfast auto plant on the occasion of its opening ceremony in Hai Phong city, Vietnam June 14, 2019. REUTERS/Kham/File Photo

HANOI (Reuters) -Vingroup JSC, Vietnam's largest conglomerate, said on Saturday it is planning to list its car unit on the U.S. stock market in the second half of next year, in an offering expected to raise at least $3 billion.

Just last month, an official said the listing may happen within the next couple of years https://www.reuters.com/business/autos-transportation/vietnams-vinfast-plans-us-listing-couple-years-ceo-2021-11-17, as the company joins a growing list of electric vehicle startups taking advantage of investor excitement to raise funds.

VinFast, Vingroup's automaking arm, had flagged https://www.reuters.com/article/us-vinfast-ipo-idUSKBN2BZ19G 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.

VinFast became the country's first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

VinFast is betting big on the U.S. market, where it hopes that its electric SUVs and a battery leasing model will be enough to woo consumers away from the likes of Tesla (NASDAQ:TSLA) and General Motors (NYSE:GM).

In a separate statement to Reuters, Vingroup said it was targeting global electric vehicle sales of 42,000 units next year, up from its previous plan of 15,000.

Vingroup plans U.S. IPO for automaking arm in late 2022
 

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Comments (5)
Kaveh Sun
Kaveh Sun Dec 04, 2021 11:26AM ET
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What happend to 2b their own money they said to build a factory in Ca? There is no factory here, nothing, nada from Vingroup. it sounds like a scam to raise money for their factories free.
Kevin Avila
Kevin Avila Dec 04, 2021 10:35AM ET
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Why would you plan to release a car in the second Great Depression? Must not know…
SEAN PARK
SEAN PARK Dec 04, 2021 5:26AM ET
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Because it is joke
Nam Nguyen
Nam Nguyen Dec 04, 2021 4:33AM ET
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why is that a joke Peter?
Kaveh Sun
Kaveh Sun Dec 04, 2021 4:33AM ET
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Joke here is : they do NOT use 2b their own money to build a factory in Ca like they said. Instead they will pocket 1b and use 2b money from others to build a factory. What’s a scam.
Peter Chung
Peter Chung Dec 04, 2021 4:20AM ET
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What a joke
 
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