Vingroup eyes $60b valuation for car unit in potential US IPO

Photo: Reuters

Vingroup JSC, Vietnam’s largest conglomerate, is considering a U.S. initial public offering (IPO) of its car unit that could value VinFast at about $60 billion, two people familiar with the matter said on Monday.

Vingroup, which was founded in 1993 in Ukraine, is working with Credit Suisse Hong Kong for the potential offering on the New York Stock Exchange, the sources said.

Bloomberg News had reported earlier on Monday that the company could raise as much as $3 billion in its IPO, making it the biggest ever listing by a Vietnamese company.

A Vingroup spokesman did not immediately respond to Reuters’ request for comment.

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

VinFast, which also produces electric motorbikes and buses, obtained a permit to test autonomous vehicles on public streets in California earlier this year.

Vingroup has grown to become one of Vietnam’s largest listed firms. The company, once a real estate and retail conglomerate, now also sells vehicles, television sets and smartphones.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.