VNG delays US IPO amid subdued market urge for food

Vietnam’s digital stalwart VNG has reportedly shelved its imminent preliminary public providing (IPO) plans for the US, attributing its determination to the present tepid market response to latest tech listings.

VNG delays US IPO amid subdued market appetite

“After seeing usually combined performances by a trio of newly public firms this month, VNG was suggested to carry off till market demand improves,” an inside supply disclosed to Bloomberg.

Whereas VNG remained reticent on the matter, the strategic pause mirrors a broader warning within the tech IPO area. Notably, each Arm Holdings Plc, the SoftBank Company affiliate, and supply service Instacart skilled their shares buying and selling beneath their IPO valuations.

VNG, which debuted as Vinagame in 2004, has transitioned from its preliminary gaming focus to develop into a diversified digital powerhouse in Vietnam, providing an array of companies from video streaming and information portals to cellular funds. The corporate has contemplated a US itemizing since 2017.

Earlier than this revision in plans, the gaming and communications conglomerate had intimated an intention to dump roughly 22 million shares in its proposed IPO, although pricing particulars remained underneath wraps.

In 2021, VNG was considering a US inventory market debut by way of a merger with a particular goal acquisition firm . Ought to the transaction materialise, VNG’s valuation might oscillate between $2 billion and $3 billion.

VNG additionally owns Zalo, Vietnam’s most generally used messaging utility, boasting over 75 million lively month-to-month customers, amongst different digital ventures.

In early 2023, VNG shares commenced buying and selling on the Unlisted Public Firm Market in Vietnam. Debuting at VND240,000 (round $10.13) per share in January, they shortly ascended, marking VNG as the very best valued inventory on the alternate.

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By Trung Duong

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