Aditya Hadi Pratama · · 1 min readVNG mulls $300m top up ahead of potential US IPO
Vietnamese gaming and entertainment unicorn VNG is mulling a new fundraise of up to US$300 million ahead of a potential listing in the US, Bloomberg reported, citing sources familiar with the matter.
Photo credit: VNG
In 2017, the company signed a memorandum of understanding with Nasdaq.
In August, Bloomberg reported that VNG has been eyeing a listing through a SPAC merger in the US, a deal that could value the company between US$2 billion and US$3 billion.
Gaming is still the bread and butter of the company, with the segment contributing about 80% of its total revenue. However, VNG has expanded its business to several verticals, such as social platforms (Zalo), online media (Zing News), digital payments (ZaloPay), and cloud services (VNG Cloud).
The company is targeting a total revenue of about US$330 million this year, an increase of about 26% compared to its 2020 figures.
For more coverage of VNG, head here.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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