VNG decided not to offer to the public at the present time and asked the US Securities and Exchange Commission (SEC) to withdraw its IPO application.
This information was disclosed by VNG Limited in a notice sent to the SEC on January 19. Accordingly, the company requested the SEC to approve the withdrawal of the registration dossier under the F-1 form that had been submitted, because the decision was not to make an initial public offering (IPO) at the present time. The company also confirmed that no shares had been or will be issued or sold according to the submitted dossier.
On the afternoon of January 23, a representative of VNG refused to comment on the information about withdrawing the IPO application on the US stock exchange.
VNG Limited also said in a statement on January 19 that it still intends to re-file for an IPO in the future. Since the fees paid are non-refundable, VNG Limited requests the SEC to allow it to be used in the event of a re-filed IPO, pursuant to Section 457 of the US Securities Act.
Previously, at the end of August 2023, VNG announced that VNG Limited had filed a registration application under Form F-1 with the SEC. VNG Limited - VNG's largest shareholder - plans to offer Class A common stock to the public on Nasdaq Global Select Market under the trading code VNG.
VNG was established in 2004, originally named Vina Game Joint Stock Company (Vinagame), with a charter capital of 15 billion VND, and currently has more than 287 billion VND, after having just canceled more than 7.1 million treasury shares.
Listing shares on an international stock exchange is one of VNG’s long-cherished plans. In 2017, VNG signed a memorandum of understanding to list on the Nasdaq exchange in the US.
Anh Tu - Minh Son
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