VinFast on Wednesday provided an update on its plans to raise funds via an initial public offering.
The Vietnamese EV startup announced that it has filed relevant documents with the U.S. Securities and Exchange Commission, and that it plans to list its shares on the Nasdaq Global Select Market under the ticket symbol VFS.
A possible timeline for the listing will be announced at a late date. VinFast will also announce the number of shares to be offered and the price range closer to the listing date.
Due to the extra scrutiny required for IPOs, most EV startups in recent years have chosen the easier route of SPAC (special purpose acquisition company) deals when going public. One of the exceptions was Rivian, which launched an IPO in 2021. Also referred to as reverse mergers, SPACs are companies formed to raise capital through an IPO to then acquire or merge with the company that was the subject of the IPO.
Unlike rival EV startups, VinFast has deep pockets. It's part of Vietnamese conglomerate Vingroup, which specializes in construction and real estate development but is also involved in agriculture, healthcare, retail, tourism and numerous other sectors. Vingroup founder Pham Nhat Vuong pledged $2 billion of his own fortune to see VinFast become a globally recognized company.
VinFast is also showing rapid growth. Despite only launching its first vehicle in Vietnam in 2018, the company has already earmarked the sale of five vehicles in the U.S. and will deliver the first, the VF 8 mid-size SUV, later in December. It also has plans to construct a plant in North Carolina, which is scheduled to come online in 2024.