When is Vietnam's EV maker VinFast launching its US IPO?

Be the First to Comment Read

When is Vietnam's EV maker VinFast launching its US IPO?

When is Vietnam’s EV maker VinFast launching its US IPO?
Image source: © Nguyenkhanhvukhoa | Megapixl.com

Highlights

  • VinFast, a Vietnamese electric vehicle maker, confidentially filed for the US's initial public offering (IPO) on Thursday.
  • The EV maker has already started building a factory in the US.
  • The size and price range for the IPO are not yet disclosed.

Vietnamese electric vehicle maker VinFast on Thursday confidentially filed for an initial public offering (IPO) in the US. The company is building a factory in North Carolina, US.

Its Singapore-based holding company plans to spend US$4 billion on construction. Last month, President Joe Biden had said VinFast’s investment would create more than 7,000 jobs. The factory, part of its larger US manufacturing complex, could become operational in 2024.

In January last year, the company rolled out its first self-driving sports utility vehicle. It said the vehicles were at par with other EVs like Tesla cars in the market but a lot cheaper. The company plans to launch them in the European and the US markets in 2022.

VinFast had initially planned to go public last year, pegging its valuation at about US$60 billion. 

Also Read: Top blockchain stocks to explore: COIN, CME, RIOT, MARA & BITF

VinFast, part of Vietnam’s biggest conglomerate Vingroup JSC, has not disclosed the IPO size or the price range. But observers said it would use the IPO proceeds for US expansion. VinFast is looking to raise about US$2 billion from the IPO, sources told Reuters.

Also Read: Westrock Coffee SPAC: When is the coffee company going public in US?

When is Vietnam’s EV maker Vinfast launching its US IPO?

Also Read:
When is blockchain company PrimeBlock going public?

VinFast’s North Carolina factory

Last week, the company said it had signed a deal to spend US$2 billion to build the North Carolina factory to manufacture electric buses, sports utility vehicles, and batteries.

Also Read: Is self-driving truck firm Plus eyeing US IPO after revoking SPAC deal?

The company delivered the first batch of EVs, VF e34, to the domestic market on Dec 25, 2021. 

In the US, it has priced the electric SUVs, VF8 and VH9, between US$41,000 and US$61,000.

It targets to sell around 42,000 electric vehicles in 2022. The company intends to start delivering cars in late 2022 in the US, Canada, Germany, France, and the Netherlands.

Also Read: Is Pensando a public company? Know details ahead of AMD acquisition

Bottom line:

Around 80 IPOs were priced in the US in the first quarter of 2022. Many companies have delayed their IPOs due to adverse market conditions this year. VinFast might launch the IPO in the second half of 2022, subject to regulatory approval. Separately, it is exploring ways to raise US$500 million to US$1 billion ahead of the IPO through funding rounds, Bloomberg reported.

Disclaimer

Speak your Mind

Featured Articles