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Vietnam’s Vingroup JSC is reportedly planning for a U.S. IPO for its automobile unit VinFast in the latter half of 2022. The car unit intends to secure around USD 3 billion, aiming for a post-IPO valuation of at least USD 60 billion.
According to people familiar with the situation, VinFast has been going through a major restructuring off late, with an additional IPO plan that could likely expand its global reach.
Vingroup is the newest addition to the growing list of EV startups that are capitalizing on investor interest in automotive electrification. It has set a target of 42,000 electric vehicles to be sold worldwide, a significant increase from its previous target of a mere 15,000.
Vingroup has also established a holding company based in Singapore that owns a stake in VinFast in Vietnam to expedite its IPO process. The Vietnamese conglomerate will be a notable shareholder in the new VinFast Singapore.
Even Vingroup is looking to raise over USD 1 billion in pre-IPO funding from investors all over the world.
Meanwhile, Vinfast is competing with automotive behemoths such as General Motors and Tesla by offering battery leasing models and entering the electric SUV market. Its latest SUV models, including the VFe35 and VFe36, were unveiled at the Auto Show held in Los Angeles.
The pre-ordering of these electric SUVs is expected to begin in the first half of 2022.
It is worth noting that Vinfast began offering gasoline-based vehicles in Vietnam using BMW-licensed engines back in 2019. The company has sold over 25,500 gasoline vehicles in the country within the first nine months, selling around 30,000 units later in 2020.
Vingroup’s automotive arm is now planning to expand its operations by establishing a factory in the United States by the end of 2024.
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