VinFast plans to take the VFS code when it is listed on the US stock exchange, but has not yet determined quantity and offering price range.
Vietnamese electric vehicle manufacturing company IPO in the US. Photo: Boi Ha
On December 7, VinFast Trading & Investment Pte. Ltd announced that it has filed a Form F-1 application with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).
The number of shares to be offered and the expected price range are yet to be determined. VinFast plans to list common shares on Nasdaq Global Select Market with code VFS.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC will act as the lead bookmaker and underwriters’ representative for the proposed offering.
While BNP Paribas Securities Corp., HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Wolfe/Nomura Alliance will also be co-creators. Robert W. Baird & Co. Incorporated will act as co-manager.
The offering is made by means of a prospectus only. Copies of the draft prospectus may be obtained from the SEC and Citigroup.
The company added that registration information related to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor will an offer to be accepted for purchase prior to the effective date of the registration statement.
Currently, VinFast Singapore is owned by Vingroup with 51.52% of capital and is a company that directly owns 99.9% of capital at VinFast Manufacturing and Trading Company Limited (VinFast Vietnam). This capital was transferred by Vingroup to VinFast Singapore from December 2021 to facilitate the IPO. At that time, Vingroup said that the IPO in the US was an important foundation in the company’s strategy of becoming a global brand.
The information about the IPO filing came after the fact that VinFast first exported the first batch of 999 electric cars to the world, the destination was the US market.
This is a batch of 999 VF8 cars, among 65,000 orders for VinFast VF8 and VF9 electric cars globally. Right after the US market, VinFast will export the next batch of VF8 cars to the Canadian and European markets to promptly hand over to customers in 2023.
The electric vehicle company is also expanding its business system with the first two stores in Cologne (Germany) and Paris (France), the starting point of its network of more than 50 stores across Europe.
@ Zing News