Vietnam's tech unicorn VNG files for IPO

August 24, 2023 | 11:14

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Vietnamese tech unicorn VNG has filed for an initial public offering (IPO) on the NASDAQ Global Select market, making it the first Vietnamese tech company to list in the United States.

Vietnam's tech unicorn VNG files for IPO

On August 24, VNG Corporation announced that VNG Ltd. has filed a Form F-1 registration statement with the US Securities and Exchange Commission (SEC).

VNG Ltd., a shareholder of VNG, intends to list its Class A ordinary shares on the NASDAQ Global Select Market through an IPO under the symbol VNG.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, and BofA Securities Inc. will act as the underwriters of the IPO. The size and price range for the potential offering have yet to be determined.

The Form F-1 registration statement is subject to completion and has not yet been declared effective by the SEC.

Founded in 2004, VNG has evolved from a five-person startup into the largest home-grown digital ecosystem in Vietnam, with products and services that are ingrained in users' daily lives.

VNG is the number one mobile game publisher in Vietnam, and is looking to expand globally. It also operates the leading messaging application in Vietnam, Zalo, with 75 million monthly active users.

The company's other flagship products include Zing MP3 – the number one music streaming platform in Vietnam, according to F&S, with more than 28 million monthly active users – and ZaloPay – the fastest-growing mobile payment application in Vietnam.