NAME: The planned IPO of VinFast on the Nasdaq
LAW FIRM: Rajah & Tann Singapore, VILAF, YKVN, Latham& Watkins, Skadden Arps Slate Meagher & Flom
JURISDICTION: Vietnam, Singapore, USA
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Industrials and manufacturing, Technology and telecommunications
The planned IPO of VinFast on the Nasdaq is our deal of the month for January.
VinFast, a Vietnamese electric vehicle maker, announced its plan to go public in the United States. The firm said it has publicly filed its application to the Securities and Exchange Commission on 6 December without elaborating on how much money it aims to raise. If successful, VinFast will become the first Vietnamese firm listed on Nasdaq.
Established in 2017, VinFast is a part of the conglomerate group Vingroup which is backed by Vietnam’s richest man. The firm fully started its operation in 2019 and its new cars rapidly became bestsellers in all three segments of their manufacturing in Vietnam in 2020.
The IPO move is the firm’s latest effort to fuel its global expansion. The firm shipped the first batch of electric cars to US consumers in November last year.
Teams from Rajah & Tann Singapore, YKVN and Latham & Watkins are advising VinFast on the deal. VILAF and Skadden Arps Slate Meagher & Flom are representing the underwriters, which includes Citigroup, Credit Suisse, JP Morgan and Morgan Stanley.
