HANOI, Dec 4 (Reuters) - Vingroup JSC, Vietnam's
largest conglomerate, said on Saturday it is planning to list
its car unit on the U.S. stock market in the second half of next
year, in an offering expected to raise at least $3 billion.
Just last month, an official said the listing may happen
within the next couple of years https://www.reuters.com/business/autos-transportation/vietnams-vinfast-plans-us-listing-couple-years-ceo-2021-11-17,
as the company joins a growing list of electric vehicle
startups taking advantage of investor excitement to raise funds.
VinFast, Vingroup's automaking arm, had flagged https://www.reuters.com/article/us-vinfast-ipo-idUSKBN2BZ19G
in April it was seeking an IPO slated for the second quarter of
this year, eyeing a $60 billion valuation with expectation to
raise at least $3 billion.
In Saturday's statement, Vingroup said it had set up a
Singapore-based holding company owning a stake in Vinfast's
operations in Vietnam to fuel the IPO process.
"The new company, VinFast Singapore, is a step to turn
VinFast into a global company and prepare for its U.S. IPO," the
company said in the statement. "Vingroup will be a major
shareholder of VinFast Singapore."
On Thursday, Reuters exclusively reported Vingroup was
seeking $1 bln from global investors for VinFast in pre-IPO
VinFast became the country's first fully fledged domestic
car manufacturer when its gasoline-powered models built under
its own badge hit the streets in 2019.
VinFast is betting big on the U.S. market, where it hopes
that its electric SUVs and a battery leasing model will be
enough to woo consumers away from the likes of Tesla
and General Motors.
In a separate statement to Reuters, Vingroup said it was
targeting global electric vehicle sales of 42,000 units next
year, up from its previous plan of 15,000.
(Editing by Kim Coghill)