VNG withdraws its filing for US IPO

January 24, 2024 | 10:59

(0) user say

Vietnam's digital stalwart VNG has withdrawn its initial public offering (IPO) registration in the United States, according to a regulatory filling to the US Securities and Exchange Commission.

VNG has requested that the US Securities and Exchange Commission consent to the withdrawal of the company’s registration statement on Form F-1. The Ho Chi Minh City-based company has decided not to conduct an offering at this time and intends to file a new registration statement in the future, according to the filing on January 19.

The company did not reveal the reason for this decision, or the timeframe for a future registration.

"The company could not meet certain deadlines for the registration, and hence withdrew. However, it will continue to explore the listing opportunity," an inside source disclosed to Reuters.

In August, VNG filed for the IPO on the NASDAQ Global Select market, making it the first Vietnamese tech company to list in the US. In September, VNG shelved its IPO plans for the US due to volatile market conditions.

At the Vietnam Venture Summit 2023 in late October, Le Hong Minh, CEO of VNG noted, "An IPO entails significant risks, but we believe it's essential for real growth."

VNG, which debuted as Vinagame in 2004, has transitioned from its initial gaming focus to become a diversified digital powerhouse in Vietnam, offering an array of services from video streaming and news portals to mobile payments. The company has been contemplating a US listing since 2017.

Vietnam's tech unicorn VNG files for IPO

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.

VNG remains committed to potential US listing after IPO delay

Despite pausing its US initial public offering (IPO) due to the prevailing wariness about tech listings, VNG remains committed to proceeding with its public debut in the near future.

VNG CEO discusses company's evolution and potential IPO

VNG CEO Le Hong Minh recounted the company's strategic adaptation over 19 years, from early PC gaming to mobile app development, and emphasised risk-taking and innovation in AI as key to their future, signalling a potential IPO for substantial growth.

By Vy Bui

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional