Internet startup VNG is seeking an initial public offering (IPO) in the US, becoming the first Vietnamese technology company to do so in New York. VNG, which originated as a game publisher in 2004 and has since expanded into various services including music sharing, video streaming, messaging, news, and mobile payments, plans to offer nearly 22 million shares in the IPO. The company’s messaging app, Zalo, has surpassed Facebook Messenger to become Vietnam’s most-used chatting platform. VNG’s founders stated in a letter to investors that the arrival of the internet in Vietnam during the 1990s had a transformative impact on their nation.
VNG’s IPO follows the recent debut of Vietnamese electric-vehicle maker Vinfast Auto Ltd. in the US, after completing a merger with Black Spade Acquisition Co. in a deal valuing it at $23 billion. VNG’s listing would provide further momentum to an IPO market that is gradually warming, with other notable companies such as Arm Holdings, Instacart Inc., Klaviyo, and Birkenstock also preparing for IPOs. VNG aims to expand globally with a focus on games, while also generating revenue from artificial intelligence and cloud computing products.
Citigroup, Morgan Stanley, UBS Group, and Bank of America are leading the offering, and VNG plans for its shares to trade on the Nasdaq Global Select Market under the symbol VNG.
