VNG Corporation, Vietnam’s earliest unicorn, has officially filed for an initial public offering (IPO) in the US through its listing vehicle VNG Limited.
The filing, which makes VNG the first Vietnamese tech company to seek a listing in the US, comes about a year after the company floated the idea of listing on the Nasdaq.
While it specified offering some 21.7 million Class A ordinary shares in the heavily redacted filing, VNG has not set a proposed price range yet. DealStreetAsia reported last year that the company intends to offer a 12.5% stake in its public market debut.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and BofA Securities, Inc. will act as underwriters of the IPO.
In its filing with the US Securities and Exchange Commission, VNG said proceeds of the IPO will be used to pay original foreign investors who are direct shareholders of the company and repay its outstanding borrowings. It plans to fund its investment in fintech startup 01Fintech, among others.
Tencent is currently the largest shareholder in VNG with a 29.6% interest, while Singapore sovereign fund GIC holds 7.8% and Temasek 4.9%. Mirae Asset and B Capital own 3.1% and 1.7%, respectively.
As reported by DealStreetAsia earlier, post-IPO, VNG Limited, the Listco, will have a 49% interest in VNG, the Vietnam holding company will own 21.2%, while the remaining 29.8% will belong to local investors.
Pre-IPO and post-IPO cap tables at VNG level