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Tech giant VNG files for IPO in U.S.

The Saigon Times

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HCMC – Vietnamese technology powerhouse VNG Corporation announced on the morning of August 24 that its largest shareholder, VNG Limited, has initiated the process for an initial public offering (IPO) in the U.S.

VNG Limited is preparing to offer common shares under the trading code “VNG” on the NASDAQ Global Select Market Composite (NQGS). This listing will mark a historic milestone, making VNG the first technology company from Vietnam to be listed in the U.S.

Details regarding the size of the transaction and price ranges are yet to be determined, as stated in the announcement.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, and BofA Securities, Inc. are serving as underwriters for this IPO.

VNG entered a memorandum of understanding with the NASDAQ stock exchange back in May 2017, establishing a relationship that supported and advised VNG throughout the process of filing for listing on the exchange.

With VinFast’s recent successful U.S. listing debut, VNG’s decision to file for an IPO is expected to further encourage other companies seeking to go public in the U.S.

Founded in 2004, VNG Corporation is a prominent local technology firm recognized for its contributions in online gaming, music streaming, and messaging applications.

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