VNG withdraws its submitting for US IPO

Vietnam’s digital stalwart VNG has withdrawn its preliminary public providing (IPO) registration in america, in keeping with a regulatory filling to the US Securities and Trade Fee.

VNG withdraws its filing for US IPO

VNG has requested that the US Securities and Trade Fee consent to the withdrawal of the corporate’s registration assertion on Kind F-1. The Ho Chi Minh Metropolis-based firm has determined to not conduct an providing right now and intends to file a brand new registration assertion sooner or later, in keeping with the submitting on January 19.

The corporate didn’t reveal the explanation for this choice, or the timeframe for a future registration.

“The corporate couldn’t meet sure deadlines for the registration, and therefore withdrew. Nonetheless, it’s going to proceed to discover the itemizing alternative,” an inside supply disclosed to Reuters.

In August, VNG filed for the IPO on the NASDAQ International Choose market, making it the primary Vietnamese tech firm to record within the US. In September, VNG shelved its IPO plans for the US because of unstable market circumstances.

On the Vietnam Enterprise Summit 2023 in late October, Le Hong Minh, CEO of VNG famous, “An IPO entails important dangers, however we consider it is important for actual progress.”

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

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By Vy Bui

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