Vietnamese internet start-up VNG submits US IPO Filing

August 26, 2023 - 09:28

Vietnamese internet company VNG Corp, under trading code VNZ, has filed for an initial public offering (IPO) in the US via VNG Ltd.

VNG's office in HCM City. — Photo Facebook VNG

HÀ NỘI — Vietnamese internet company VNG Corp, under trading code VNZ, has filed for an initial public offering (IPO) in the US via VNG Ltd.

In the filing to the US Securities and Exchange Commission on Wednesday, VNG is planning to offer almost 22 million shares. The proposed price has yet to be dislosed.

The listing will make it the first technology firm from Việt Nam to list in the US.

VNG Limited, a Cayman Islands company, will holds a 49 per cent direct equity interest in VNG Corp. Once the listing is completed, the two founders – Lê Hồng Minh and Vương Quang Khải – will control 51 per cent of the voting power through a dual-class share structure.

Founded in 2004, VNG is Việt Nam's first unicorn, or startup valued at US$1 billion or more. The HCM City-headquartered company's businesses include online games, payments, cloud services and Việt Nam's most popular messaging app, Zalo. It has been exploring going public in the US since at least 2017.

According to Reuters, the IPO proceeds will be used to pay original foreign investors who were direct shareholders of the company including Tencent (China) and Singapore's Temasek and repay outstanding loans. Underwriters for this IPO include Citigroup, Morgan Stanley, UBS Securities and BofA Securities.

VNG's IPO follows the recent US listing debut by VinFast and could help add momentum for other Southeast Asian companies seeking IPO in the US.

Shares of VNG – currently listed on UPCOM exchange with trading code VNZ – have continuously rising since August 18. — VNS

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