To List on Nasdaq
The company, the country’s first domestic automaker, has applied to list on the Nasdaq Global Select Market under the ticker symbol VFS. Meanwhile, it is yet to reveal details like the number of shares and offer price. There are nine book-runners in the offering, which will be led by Morgan Stanley, Credit Suisse, Citibank, and JP Morgan. Funds raised through the offering will be mainly used for building a plant in North Carolina, in order to serve the US market.
Focus On SUVs
VinFast primarily manufactures SUVs, with the main models being VF8 and VF9. It looks to compete with local players through competitive pricing and battery leasing. In the fiscal year ended 2021, VinFast generated total revenues of $670.6 million, down 15% from the previous year. The company incurred a loss of $1.35 million, which is sharply narrower than the loss reported in 2020.
Established as VinFast Vietnam, the company started operations in June 2017 in Hanoi and was rechristened as VinFast Trading and Production Limited Liability Company a year later. The first automotive manufacturing plant was opened in June 2019.
Nava Health to go public with a $12Mln IPO. Here’s all you need to know
It is estimated that the share of electric vehicles, as a percentage of total passenger vehicles, tripled from 2.1% in 2019 to 6.7% in 2021 globally. According to studies, it is expected to grow to 28.6% by 2027, creating a huge opportunity for companies like VinFast.