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Vingroup plans U.S. IPO for automaking arm in late 2022

HANOI (Reuters) -Vingroup JSC, Vietnam’s largest conglomerate, said on Saturday it is planning to list its car unit on the U.S. stock market in the second half of next year, in an offering expected to raise at least $3 billion. VinFast, Vingroup’s automaking arm, had flagged in April it was seeking an IPO slated for the second quarter of this year, eyeing a $60 billion valuation with expectation to raise at least $3 billion. In Saturday’s statement, Vingroup said it had set up a Singapore-based holding company owning a stake in Vinfast’s operations in Vietnam to fuel the IPO process.

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