VinFast Auto, the Vietnam-based EV producer’s market capitalisation has crossed that of General Motors and Ford Motor, as the company debuted on Nasdaq Global Select Market via s SPAC deal, according to Bloomberg.
The company is worth about US$65 billion as shares held onto gains Tuesday, rising to $28.11 in New York — up nearly 190% from the SPAC’s IPO price and more than doubling the deal’s $23 billion implied equity value, Bloomnerg noted.
The eye-popping valuation makes VinFast worth more than GM alone, and roughly the same as Ford and Rivian Automotive combined on paper in terms of market capitalisation, just lagging BMW market value.
The astounding valuation makes VinFast worth more than GM alone, and roughly the same as Ford and Rivian Automotive combined on paper in terms of market capitalisation, just lagging BMW market value, the newswire stated.
Having seen this, it is important to note that the company has merely 1.3 million shares available for trading, post SPAC (Special Purpose Acquisition Company) redemptions, making the stock susceptible to swings.
Regulatory filings show Pham Nhat Vuong, Vietnam’s wealthiest man and VinFast’s founder, controls about 99% of the entity, partly via shares held by his wife and Vingroup. That means the vast majority of shares are locked up and unavailable to investors who would have gained from Tuesday’s rally.