Vietnam-based tech giant VNG has withdrawn its application for an IPO in the US, ending speculations around its highly anticipated stock market debut.
However, in a filing with the US Securities and Exchange Commission, VNG said it “intends to file a new registration statement in the future.”
VNG was founded in 2004 as VinaGame. While gaming contributes about 70% to 80% of its total revenue, the rest comes from its offerings for social media (Zalo), financial services (ZaloPay), and cloud services (VNG Cloud).
The company filed for an IPO on the Nasdaq Global Select market in August 2023, aiming to raise US$150 million.
VNG, however, faced delays in its listing. In October 2023, CEO Le Hong Minh said the setbacks were due to a lack of investor readiness for an Asian tech IPO.
A Tech in Asia analysis pointed out that VNG was struggling with slow revenue growth amid a sluggish economy.
If the IPO pushed through, VNG would have been the first Vietnamese company to list in the US. It is currently listed on Vietnam’s Unlisted Public Company Market.
Editing by Miguel Cordon and Eileen C. Ang
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