F88 targets to go public in 2024 to reach $1 billion valuation

February 24, 2022 | 18:16
Phung Anh Tuan, chairman cum CEO of F88 – a major pawnshop chain in Vietnam – revealed that the company is aiming for a market valuation of roughly $1 billion if its plan to go public in 2024.
F88 targets to go public in 2024 to reach $1 billion valuation

Specifically, the company targets to file for an initial public offering on the Ho Chi Minh Stock Exchange, according to Bloomberg.

Tuan said that F88 is in discussions with possible strategic shareholders, but he refused to provide further details. Mekong Capital and Granite Oak Advisors Ltd. are the company's major investors at this time.

F88 intends to boost its countrywide shop count to 800 by the end of this year, up from 521 by the end of 2021. Tuan went on to say that, in addition to its own branded locations, F88 would continue to develop via collaborations with prominent merchants and technology businesses, as Bloomberg reported.

With 521 transaction points, F88 is the biggest pawnshop chain in Vietnam, at least for the time being. However, the majority of the chain's business capital is raised via the issuance of bonds, which carry a hefty interest rate of 12 per cent per year.

By Tri Lam

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