Vietnamese internet startup VNG files for IPO in the US

Reuters
2023.08.24 01:24
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SINGAPORE, Aug 24 (Reuters) - Vietnamese internet company VNG Corp (VNZ.HN) has filed for an initial public offering (IPO) in the United States via VNG Ltd, a U.S. Securities and Exchange Commission filing showed.

SINGAPORE, Aug 24 (Reuters) - Vietnamese internet company VNG Corp (VNZ.HN) has filed for an initial public offering (IPO) in the United States via VNG Ltd, a U.S. Securities and Exchange Commission filing showed.

The listing will make VNG the first technology firm from Vietnam to list in the U.S.

VNG said in the filing that it planned to offer some 21.7 million shares, with the proposed price range yet to be set.

IPO proceeds will be used to pay original foreign investors who were direct shareholders of the company and repay outstanding loans, among others, the filing showed.

The company counts the likes of Chinese social media and gaming giant Tencent (0700.HK) and Singapore state investor Temasek (TEM.UL) as shareholders.

Founded in 2004, VNG was Vietnam’s first unicorn, or startup valued at $1 billion or more, and it inked a preliminary agreement in 2017 with U.S. bourse operator Nasdaq Inc to explore an IPO.

The Ho Chi Minh City-headquartered company’s businesses include online games, payments, cloud services and Vietnam’s most popular messaging app Zalo.

Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

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