Vietnamese internet startup VNG files for IPO in US
Vietnamese internet company VNG Corp, under trading code VNZ, has filed for an initial public offering (IPO) in the US via VNG Ltd, according to Reuters.
Based in Ho Chi Minh City, the VNG is operating businesses include online games, payments, cloud services and Zalo - a popular messaging app in Vietnam. (Photo: Internet)
Hanoi (VNA) – Vietnamese internet company VNG Corp, under tradingcode VNZ, has filed for an initial public offering (IPO) inthe US via VNG Ltd, according to Reuters.
The listing will🅷 make it the first technology firmfrom Vietnam to list in the US.
According to the VNG, it plannedto offer some 21.7 million shares, with the proposed price range yet to be set. The IPO proceeds will be usedto pay original foreign investors who were direct shareholders of the company includingTencent (China) and Singapore's Temasek, and repay outstanding loans. Underwritersfor this IPO include Citigroup, Morgan Stanley, UBS Securities and BofASecurities. Founded in 2004, the VNG wasVietnam's first unicorn or startup valued at 1 billion USD or more, and itinked a preliminary agreement in 2017 with US bourse operator Nasdaq Inc toexplore an IPO. Based in Ho Chi Minh City, it is operating businessesinclude online games, payments, cloud services and Zalo - a popular messagingapp in Vietnam. VNG's IPO follows the recentUS listing debut byVinFast VFS.O andcould help add momentum for other Southeast Asian companies seeking IPO inthe US. In the session on August 24, shares of VNG - currentlylisted on UPCOM exchange with trading code VNZ - increased 12.78% to 1.244million VND (51.88USD) per share/.
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Based in Ho Chi Minh City, the VNG is operating businesses include online games, payments, cloud services and Zalo - a popular messaging app in Vietnam. (Photo: Internet) 
