In response to a report on October 2 from TechinAsia, VNG’s CEO Le Hong Minh confided internally in regards to the causes the corporate postponed its US itemizing plans. He pointedly advised that buyers stay cautious of Asian tech firm IPOs.

“I need VNG to record in a powerful place with a very good probability of worth appreciation post-IPO. Regardless of a difficult macro surroundings in 2023, all of our companies are progressing properly, and we’re seeing main alternatives in our world efforts and AI,” he stated.

Over the previous yr, Minh revealed that the corporate’s leaders had engaged with over 120 world buyers to share VNG’s narrative. But, many seem like in a wait-and-see mode.

He confidently said, “I’ve a powerful conviction that we can head again to the market within the very close to future.”

As cited by Bloomberg on September 25, an inside supply stated, “After seeing usually combined performances by a trio of newly public firms this month, VNG was suggested to carry off till market demand improves.”

A latest evaluation by TechinAsia alluded to a slowdown in VNG’s development trajectory just lately, and indicated the corporate’s fintech operations as a notable development hurdle.

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

In August, VNG Ltd. filed its Kind F-1 with the US Securities and Change Fee (SEC).

The tech unicorn, slated to commerce below the ticker VNG on the Nasdaq World Choose Market, is targetting an approximate $150 million from this IPO, in line with sources cited by Reuters.

The underwriting syndicate for the IPO boasted the likes of Citigroup World Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, and BofA Securities Inc.

The prospectus submitted to the SEC reveals that VNG’s class A shareholders embrace heavyweights similar to Tencent and Ant Group, in addition to Temasek and GIC – two funding funds backed by the Singaporean authorities.

Along with its present holdings, VNG Ltd. will subject an extra 7.5 million shares to Tencent upon finishing the IPO. As such, the 2 Chinese language tech conglomerates will command practically 73 million class A shares, equating to a 53.1 per cent financial curiosity in VNG Ltd.

Although they’ll maintain the bulk curiosity, Tencent and Ant will solely keep a 26 per cent voting stake. With 51 per cent of the voting energy, co-founders Le Hong Minh and Vuong Quang Khai will nonetheless maintain the reins on pivotal choices at VNG Ltd.

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 resolution to the present tepid market response to latest tech listings.