VinFast gave an update on its plans to raise funds via an IPO on Wednesday.
The Vietnamese EV startup announced that it has filed documents with the US Securities and Exchange Commission and plans to list its shares on Nasdaq.
The shares will be listed on the Nasdaq Global Select Market under the ticket symbol VFS.
A possible listing schedule will be announced at a later date. VinFast will also announce the number of shares to be offered and the price range shortly before the listing date.
Due to the additional scrutiny required for IPOs, most EV startups in recent years have taken the easier route of SPAC deals (also known as reverse mergers) when going public. One of the exceptions was Rivian, which launched an IPO in 2021.
But unlike competing EV startups, VinFast has deep pockets. It is part of the Vietnamese conglomerate Vingroup, which specializes in construction and real estate development, but is also active in agriculture, healthcare, retail, tourism and numerous other sectors. Vingroup founder Pham Nhat Vuong has pledged $2 billion of his own fortune to make VinFast a globally recognized company.
VinFast also shows rapid growth. Although the company only launched its first vehicle in Vietnam in 2018, it has already slated to sell five vehicles in the US and will deliver the first, the mid-size VF 8 SUV, later in December. There are also plans to build a plant in North Carolina, which is scheduled to start operating in 2024.