Grace Priscilla Teo · · 1 min readVietnamese tech giant VNG files for IPO on NASDAQ
Photo credit: VNG
Vietnamese technology company VNG Corporation has filed for an initial public offering (IPO) on the NASDAQ Global Select market. The company, which is the largest homegrown digital ecosystem in Vietnam, intends to list under the symbol VNG.
The offshore listing will be done through VNG Limited. The size and price range for the potential offering have yet to be determined.
VNG was founded in 2004 as VinaGame. Gaming still contributes about 70% to 80% of its total revenue. The remaining comes from social media (Zalo), financial services (ZaloPay), and cloud services (VNG Cloud).
The company started trading on the Hanoi Stock Exchange’s Unlisted Public Company Market in January, which many analysts believe was a stepping stone for an US IPO.
In July, VNG said it expects to generate net revenue of 9.28 trillion dong (US$393.3 million) this year. This marks a 19% increase from the 2022 figure.
Currency converted from dong to US dollar: US$1 = 23,650.00 dong.
See also: Analyzing VNG’s surprise listing and prospectus
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Thu Huong Le
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