Vietnamese Internet Company VNG Files for IPO

VNG Corp makes history by filing for an initial public offering (IPO) through its subsidiary, VNG Ltd, in the United States, according to a U.S. Securities and Exchange Commission filing.

• A Historic First: This IPO is a milestone as it marks the first time a Vietnamese technology firm is listing in the U.S.

• Share Offering: VNG has plans to offer approximately 21.7 million shares, with a price range yet to be determined.

• Anticipated Use of Proceeds: The funds generated from the IPO will be utilized to compensate original foreign investors, repay existing loans, and other purposes.

• Prominent Shareholders: The company's shareholder roster boasts of influential names such as Tencent, the Chinese social media and gaming behemoth, and Singapore's state investor, Temasek.

• Unicorn Status: Founded in 2004, VNG earned the distinction of being Vietnam's first 'unicorn,' a startup valued at over $1 billion.

• Diverse Portfolio: VNG's operations span a wide range of sectors, including online games, payments, cloud services, and the popular Vietnamese messaging app, Zalo.

• Underwriters of the IPO: The IPO is underwritten by renowned financial institutions including Citigroup, Morgan Stanley, UBS, and Bank of America.

• Potential for Momentum: This IPO is hot on the heels of another U.S. listing debut by Vietnamese automaker VinFast and may set a trend for other Southeast Asian companies eyeing a U.S. IPO.

Exciting times lie ahead for the tech industry, as innovation continues to break boundaries and captivate global investors.