Hyperdrive
Vietnamese EV Maker VinFast Files for US IPO
- VinFast will trade as ‘VFS’ on the Nasdaq Global Select Market
- Banks advising on the IPO include Citigroup and JPMorgan
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VinFast, an electric carmaker backed by Vietnam’s richest man trying to take on Elon Musk’s Tesla Inc, has filed for an initial public offering in the US just as it prepares to deliver its first SUVs to California customers later this month.
The unit of conglomerate Vingroup JSC, founded by Pham Nhat Vuong, is being advised by banks including JPMorgan Chase & Co., Citigroup Inc., Credit Suisse Group AG and Morgan Stanley, according to an F-1 filing with the US Securities and Exchange Commission. The shares will trade under the symbol VFS on the Nasdaq Global Select Market. There were no details provided on the size of the fundraising or a possible listing date.