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

© Reuters. FILE PHOTO: Labourers work at Vinfast auto plant on the event of its opening ceremony in Hai Phong metropolis, Vietnam June 14, 2019. REUTERS/Kham/File Picture

HANOI (Reuters) -Vingroup JSC, Vietnam’s largest conglomerate, stated on Saturday it’s planning to checklist its automotive unit on the U.S. inventory market within the second half of subsequent yr, in an providing anticipated to lift at the least $3 billion.

Simply final month, an official stated the itemizing could occur throughout the subsequent couple of years, as the corporate joins a rising checklist of electrical car startups benefiting from investor pleasure to lift funds.

VinFast, Vingroup’s automaking arm, had flagged in April it was searching for an IPO slated for the second quarter of this yr, eyeing a $60 billion valuation with expectation to lift at the least $3 billion.

In Saturday’s assertion, Vingroup stated it had arrange a Singapore-based holding firm proudly owning a stake in Vinfast’s operations in Vietnam to gas the IPO course of.

“The brand new firm, VinFast Singapore, is a step to show VinFast into a worldwide firm and put together for its U.S. IPO,” the corporate stated within the assertion. “Vingroup will probably be a significant shareholder of VinFast Singapore.”

On Thursday, Reuters solely reported Vingroup was searching for $1 bln from world traders for VinFast in pre-IPO fundraising.

VinFast grew to become the nation’s first absolutely fledged home automotive producer when its gasoline-powered fashions constructed underneath its personal badge hit the streets in 2019.

VinFast is betting huge on the U.S. market, the place it hopes that its electrical SUVs and a battery leasing mannequin will probably be sufficient to woo shoppers away from the likes of Tesla (NASDAQ:) and Common Motors (NYSE:).

In a separate assertion to Reuters, Vingroup stated it was focusing on world electrical car gross sales of 42,000 models subsequent yr, up from its earlier plan of 15,000.

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