Photo credit: VNG
Vietnamese internet company VNG Ltd has withdrawn its initial public offering (IPO) registration in the United States, a statement filed to the U Securities and Exchange Commission dated Jan 19 shows.
Ho Chi Minh City-headquartered VNG said in the statement it “has determined not to conduct a registered offering at this time and intends to file a new registration statement in the future”.
VNG did not disclose its reason for withdrawing nor any timeframe for a future registration.
A source familiar with the matter said the company could not meet some certain deadlines for the registration and hence withdrew, but would continue to explore the listing opportunity.
VNG did not immediately respond to a request seeking comment on Tuesday.
VNG in September had delayed its plan to list in the U.S., an IPO that could have raised $150 million, due to volatile market conditions, Reuters reported at that time citing a person with direct knowledge of the matter.
Founded in 2004, VNG was Vietnam’s first unicorn – a startup valued at $1 billion or more. Its businesses include online games, payments, cloud services and Vietnam’s most popular messaging app, Zalo.
An IPO is likely to make it the first Vietnamese technology company to list in the US. VNG’s shares on Vietnam’s Unlisted Public Company Market or Upcom ended Tuesday down 2.5%.