Vietnamese unicorn looks for ways to attract capital from the US stock market | Business
VinFast is estimated to be worth more than $ 50 billion in a Initial Public Offering plan on the New York Stock Exchange (NYSE). (Photo: baodautu.vn)
Hanoi (VNA) – VNG Corporation, a tech “unicorn” from Vietnam, plans to list shares in the United States through a merger with a Special Purpose Acquisition Company (SPAC) at a valuation of around $ 2-3 billion.
In April of this year, another large firm also revealed that it would be getting an initial public offering (IPO) in New York Stock Exchange (NYSE) for a member company with hopes of raising around $ 3 billion. The estimated valuation of the member company is over 50 billion USD.
The participation of VNG and some Vietnamese companies in the “hot” PSPC market in the United States is a means of raising capital to promote growth.
Neither VNG nor the aforementioned group have confirmed this, but for VNG this move clearly fits into its strategic roadmap. In 2017, Le Hong Minh, Chairman and CEO of VNG and Vice Chairman of the Nasdaq Group, Bob McCooey, signed an agreement to speed up the IPO process between VNG and the Nasdaq.
At that time, McCooey claimed that one of the main reasons for the deal to be concluded was that VNG was the first tech start-up in Vietnam to experience exceptional growth and that it could be the center and symbol of Vietnamese economy.
Minh said the U.S. IPO was a challenge, but it would create motivation for the company to gain a foothold in the global market faster.
Raising capital in the US stock market can be a good opportunity for Vietnamese companies. However, according to Vietnamese stock managers, the target of PSPCs are companies with a high growth rate of 20-30% per year, operating in key economic areas and making an annual profit of around $ 8 million. Therefore, to convince international investors, Vietnamese companies need to show their attractive numbers and stories./.