VNG Corp. has filed an initial public offering on the Nasdaq Global Select Market, a week after the blockbuster market debut of electric vehicle maker VinFast on the New York bourse.
. has filed an initial public offering on the Nasdaq Global Select Market, a week after the blockbuster market debut of electric vehicle maker VinFast on the New York bourse.that it plans to sell about 22 million shares in the IPO, the size and price of which have yet to be determined. The company is one of Vietnam’s four unicorns, according to Venture Cap Insights.
VNG was founded in 2004 by Vietnamese entrepreneurs Le Hong Minh and Vuong Quang Khai. The company—which counts Chinese tech giant Tencent as its largest investor—has since grown to become the largest publisher of mobile games in Vietnam. It also operates messaging app, Zalo, which has 75 million monthly active users and music streaming platform Zing MP3, which has 28 million MAUs.
Citigroup, Morgan Stanley, UBS and BofA Securities will act as underwriters of the IPO. Besides Tencent, other shareholders of VNG include Facebook billionaire Eduardo Saverin’s B Capital, South Korea’s Mirae Assets as well as Singapore’s state-linked investment firms GIC and Temasek., whose market cap skyrocketed to about $86 billion, more than triple the initial $23 billion valuation of the company after it merged with Black Spade Acquisition Co., a SPAC backed by casino mogul Lawrence Ho.
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