Another Vietnamese tech "unicorn" files for IPO in the US

Vietnam's VNG Corporation has filed for an initial public offering (IPO) in the US.

VNG là kỳ lân công nghệ đầu tiên của Việt Nam với giá trị khoảng hơn 1 tỷ USD. (Nguồn: VNG)

VNG is Vietnam's first technology 'unicorn' with a value of over 1 billion USD. (Source: VNG)

The above information was published by Reuters (UK) on August 24, based on data from the US Securities and Exchange Commission.

The move will make VNG (stock code VNZ) the first Vietnamese technology company to list its shares on the Nasdaq stock exchange under the trading code VNG.

According to VNG, the company plans to offer 21.7 million shares, at an unspecified price.

The proceeds are expected to be paid to the company's foreign shareholders, including China's Tencent and Singapore's Temasek, and to repay some loans.

Underwriters for the IPO include Citigroup, Morgan Stanley, UBS Securities and BofA Securities…

Founded in 2004, VNG is Vietnam's first "unicorn" (a startup valued at $1 billion or more) and signed a preliminary agreement in 2017 with exchange operator Nasdaq to conduct an IPO.

VNG, headquartered in Ho Chi Minh City, offers services such as online games, payments, cloud services and the popular messaging app Zalo.

VNG’s IPO plans follow the recent IPO of Vietnamese electric vehicle company VinFast (ticker: VFS) in the US, which could help give momentum to other Southeast Asian companies seeking US IPOs.

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