Just over a week after beginning deliveries of its first EVs to the US, Vietnamese automaker VinFast has publicly filed the necessary form with the Securities and Exchange Commission (SEC) to begin its process toward an initial public offering, or IPO.
If you’ve been following VinFast at all the past year, today’s official announcement should come as no surprise for two reasons. First, the automotive division from Vietnamese conglomerate VinGroup has made lightning-fast strides forward in delivering its flagship electric SUVs on the wings of a seemingly bottomless checkbook from its parent.
Our very first coverage of VinFast included plans to bring its EVs to both the US and Europe simultaneously, while already sharing intentions of an IPO – the second reason why today’s news is not surprising. There’s a lot that has happened with the company in the past year, so here’s a quick refresher course:
- VinFast’s energy division breaks ground on 5 GWh/year battery factory
- VinFast receives $1.2B in incentives from North Carolina to build US plant, the largest economic package in state history
- VinFast is investing tens of millions in solid-state battery manufacturer ProLogium
- CATL expands deal with VinFast to provide skateboard chassis for EVs and ‘enhance global footprint’
After recently delivering the first 100 VinFast VF 8 EVs, the company reiterated its intentions to join the Nasdaq with an IPO as early as January 2023. These plans are hardened by the automaker’s current timeline to begin production at a new EV facility in North Carolina in 2024, in addition to plans for a US headquarters in Los Angeles.
Following today’s SEC filing and the news above, it’s no wonder VinFast is moving forward with an IPO.
VinFast begins IPO process to list on Nasdaq under $VFS
The automaker shared details of its public Form F-1 filing with the SEC (link above) in a press release today, proposing an initial public offering of its ordinary shares. The number of shares and price range are yet to be determined, but a VinFast IPO now appears imminent. Per the release:
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
VinFast has not shared any updates as to when the market can expect an IPO apart from its previous statements again citing as early as January 2023. Either way, the filing process has now begun and this will be something to keep an eye on.
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