Opening the official trading session on September 28 on the US Nasdaq stock exchange (September 28 evening Vietnam time), VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong increased again after 6 consecutive sessions of decline.
Specifically, as of 9:40 p.m. on September 28 (Vietnam time), VFS shares increased by more than 10% compared to the previous session to above the threshold of 12.4 USD/share.
At the current price, the capitalization of VinFast Auto (VFS) of billionaire Pham Nhat Vuong stands at over 28 billion USD.
Over the past 15 sessions, VinFast shares have been on a downward trend, from $18/share to $11-12. Liquidity has dropped to 2-3 million units/session, instead of 10-20 million units/session during the bustling days at the end of August.
In the session on September 27, VinFast recorded only 3.05 million units transferred.
The electric car company's market capitalization has risen back to 17th place among car manufacturers in the world, above India's Tata Motors and behind South Korea's Hyundai, China's Li Auto and behind Maruti Suzuki India.
The world's largest electric car company Tesla, owned by billionaire Elon Musk, currently has a capitalization of 766 billion USD. China's largest electric car company BYD has a capitalization of 92 billion USD.
Investors are now waiting to see how billionaire Pham Nhat Vuong's car company will offer more than 75 million shareholder shares to the public.
According to the registration form submitted to the US Securities and Exchange Commission (SEC), in total, VinFast's shareholder group will issue more than 75.7 million common shares. This is a number of shares 17 times higher than the 4.5 million listed VFS shares (out of a total of more than 2.3 billion outstanding VFS shares).
VIG and Asian Sta, two private investment companies of Mr. Pham Nhat Vuong, will offer 46.29 million VinFast shares to the market, equivalent to about 2% of outstanding shares.
According to the SEC, the information in this preliminary prospectus is incomplete and subject to change. These securities may not be sold until the SEC publishes an effective notice.
In Vietnam, VinFast continues to promote car sales to taxi companies. On September 26, Green and Smart Mobility JSC (GSM), the taxi company of billionaire Pham Nhat Vuong, signed a memorandum of understanding to hand over 250 VinFast electric cars to an electric taxi service operator in Sapa, Lao Cai province.
GSM continues to implement its brand coverage plan to 27 provinces and cities across the country in 2023, with a scale of up to 20,000 taxis and 60,000 electric motorbikes.
VinFast shares debuted on the US Nasdaq stock exchange on August 15 at $37/share. VinFast had reached $93/share in the session on August 28. VinFast's capitalization at that time reached nearly $210 billion.
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