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Vingroup plans U.S. IPO for automaking arm in late 2022

12/04/2021 | 05:12am EDT

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 fundraising.

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)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY 3.07% 38.57 Delayed Quote.-34.21%
GOTION HIGH-TECH CO.,LTD. 2.32% 34.47 End-of-day quote.-32.74%
MSCI SINGAPORE (GDTR) 0.97% 5632.99 Real-time Quote.-11.14%
TESLA, INC. 7.33% 759.63 Delayed Quote.-28.12%
VINGROUP JOINT STOCK COMPANY 0.39% 78000 End-of-day quote.-17.98%
All news about VINGROUP JOINT STOCK COMPANY
05/24Vietnam EV maker VinFast to shift legal HQ to Singapore ahead of first exports
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05/11Vietnam's Vinfast IPO may be delayed to 2023 on market uncertainty
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04/29Vingroup Joint Stock Company Reports Earnings Results for the First Quarter Ended March..
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04/28Vietnam's Vingroup says Q1 net profit down 41% y/y, at $22.3 mln
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04/20VINGROUP JOINT STOCK : PARTNERS WITH BRIGHTON COLLEGE TO BRING UK'S “INDEPENDENT SCH..
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04/14VINGROUP JOINT STOCK : Vinfast and electrify america announce charging agreement and mobil..
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04/14VINGROUP JOINT STOCK : Vinfast announces battery subscription pricing in the us and activa..
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04/09Vietnam's VinFast seeks US government loans for expansion
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04/09VINGROUP CHAIRMAN : Says could finance vinfast planned expansion…
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04/09VinFast could seek US govt financing for expansion, Vingroup chairman says
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Financials
Sales 2022 155 198 B 6 678 M 6 678 M
Net income 2022 1 130 B 48,6 M 48,6 M
Net Debt 2022 126 080 B 5 425 M 5 425 M
P/E ratio 2022 68,8x
Yield 2022 -
Capitalization 289 403 B 12 453 M 12 453 M
EV / Sales 2022 2,68x
EV / Sales 2023 1,94x
Nbr of Employees 41 500
Free-Float 24,0%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 78 000,00 VND
Average target price 105 233,33 VND
Spread / Average Target 34,9%
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Managers and Directors
Quang Viet Nguyen Vice Chairman & Chief Executive Officer
Vuong Nhat Pham Chairman
Hiep Khac Le Vice Chairman
Marc Villiers Townsend Independent Director
Hang Thuy Pham Vice Chairman
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