Vietnam’s tech big VNG, considered one of Vietnam’s first unicorns, plans to record on the US tech-heavy Nasdaq later this 12 months.
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The market debut will supply 12.5 per cent of its stake to traders, in keeping with a presentation accessed by Dealstreetasia.
Accordingly, international shareholders of VNG shall be required to trade their shares for a newly-formed Cayman Islands firm to ensure that the corporate to be listed within the US.
Beneath the proposed restructuring plan, international shareholders would trade their proportionate possession ratio (46.7 per cent) in VNG for the brand new enterprise. In the meantime, Vietnamese shareholders may have post-IPO liquidity preparations.
“There may be prone to be a Vietnam-based holding firm, which plans to buy 10 million shares of VNG or a 27.8 per cent stake. This onshore holding firm shall be managed by the brand new firm after the IPO,” famous NikkeiAsia. “Put up-IPO, the brand new firm may have a 49 per cent curiosity in VNG, the Vietnamese holding firm will personal 21.2 per cent and the remaining 29.8 per cent will belong to native traders.”
Le Hong Minh, CEO of VNG, is anticipated to have Class B peculiar shares with a 51 per cent voting proper however no financial pursuits within the new enterprise.
Furthermore, the 47.6 per cent international possession can be transferred to the brand new enterprise at distribution to a paid-in capital of $8.60 per VNG share.
Nevertheless, Dealstreetasia additionally emphasised that the fabric supplied within the presentation shouldn’t be last and that it might be topic to modification all through the IPO course of.