(Reuters) – Vietnam-based electric vehicle maker VinFast said on Tuesday it has filed for an IPO in the United States and plans to list its common shares on the Nasdaq under the ticker symbol “VFS”.
For the IPO, the company said it will become a Singapore Public Limited Company and will be known as VinFast Auto Ltd, while the number of shares to be offered and the price range for the proposed offering have not yet been determined.
While no timeframe for the offering was given on Tuesday, the IPO was initially planned for the fourth quarter of this year, the company had previously said.
The company’s parent company, conglomerate Vingroup, said in May that the IPO could potentially be delayed to 2023 due to market uncertainty.
VinFast, which began operations in 2019, is banking heavily on the U.S. market, where it hopes to compete with older automakers and startups with its two all-electric SUVs and a battery-leasing model that will lower the vehicle purchase price.
In April, VinFast’s Singapore-based holding company filed with US securities regulators for a confidential IPO as it prepared a $4 billion investment to build a factory in the United States.
The company shipped its first batch of 999 vehicles to the United States in late November, capping a five-year bid to develop an auto manufacturing center in Vietnam for markets in North America and Europe.
(Reporting by Eva Mathews in Bengaluru and editing by Phuong Nguyen in Hanoi)
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