VinFast, a major electric vehicle (EV) maker out of Vietnam, has filed a registration statement to list its shares in the US. The company is expected to trade on the Nasdaq under the VFS symbol.
Photo Credit: VinFast
The number of VinFast shares to be offered in the IPO is yet to be disclosed. Citigroup Global Markets, Morgan Stanley, Credit Suisse Securities, and JP Morgan Securities will act as lead book-running managers for the offering.
The development follows VinFast bolstering its expansion efforts in the US. In July, the company opened six showrooms in California and plans to launch a total of 30 by the end of the year.
It also acquired US$1.2 billion in incentives from the state of North Carolina to build a manufacturing facility in the state.
In addition, VinFast reportedly inked an agreement with Credit Suisse and Citigroup to raise US$4 billion to bankroll its US expansion plans.
See also: These are the most active investors in Vietnam’s startups
Launched in 2017, VinFast is a subsidiary of Vietnamese conglomerate Vingroup. The company initially produced internal combustion engine cars before transitioning to EVs in January this year.
Editing by Lorenzo Kyle Subido
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