VinFast recently announced it has officially made a filing with the United States Securities and Exchange Commission (SEC) on a proposed initial public offering (IPO) of its ordinary shares.
In an official release, the Vietnamese carmaker said it has yet to determine the number of shares to be offered and the price range for the IPO, but it intends to list its ordinary shares on the Nasdaq Global Select Market under the ticker ‘VFS’.
It added that Citigroup Global Markets, Morgan Stanley & Co, Credit Suisse Securities (USA) and J.P. Morgan Securities will act as lead book-running managers and as representatives of the underwriters for the proposed offering. Meanwhile, BNP Paribas Securities, HSBC Securities (USA), Nomura Securities International, WR Securities and RBC Capital Markets will also be book-running managers, with Robert W. Baird & Co. acting as co-manager for the proposed offering.
The IPO is expected to arrive next year and will help fuel VinFast’s global expansion. This will also see the company convert to a Singapore public limited company known as VinFast Auto, according to a report by Reuters.
VinFast, which was established in 2017, is looking to gain a larger foothold in the US market by taking on legacy automakers and startups. The company is fully invested in electric vehicles and has previously said it is aiming to sell one million EVs globally in five to six years.
Late last month, VinFast announced that it had exported its first batch of EVs to international markets, including 999 units of the VF8, which is one of two initial offerings for the US, with the other being the larger VF9 – local assembly is also planned. This international export is the first batch of the 65,000 global orders already made for VF8 and VF9.
Looking to sell your car? Sell it with Carro.
My prediction is this will be a stillborn in the US market. The IPO will then be aborted.
The American car market is absolutely crazy and unique, and new brands rarely make it past five years. The exception was the Lexus, which took the market by storm, but for good reason.
Let’s see….
What, established in 2017. How sad when compare to our proton…