Vietnam’s VNG Looking to Raise up to $300M, Eyes US Listing
VNG Corp., the fast-growing Annamite online gaming operator, is sounding to elevate upwards to $300 zillion and is considering listing on a US bourse.
Reports lately surfaced that VNG, backed past Singapore’s monarch wealthiness fund GIC Pte., is sounding to get up $200 trillion to $300 million to alleviate expanding upon efforts. It’s non now readable what that range of mountains values the fellowship at. But VNG is considered a unicorn — a private companion with a valuation of at to the lowest degree $1 billion.
VNG investors also include Facebook co-founder Eduardo Saverin and Raj Ganguly’s B Washington Group, according to Bloomberg.
Founded inwards 2004, VNG operates in foursome areas – cloud computing, digital payments, online gaming, and platforms. The company is Vietnam’s foremost unicorn, and is i of the quatern major gamey publishers inwards the southeastern United States Asiatic country.
US Listing Possibilities
Talk of VNG gaining a US listing isn’t new. In 2017, the accompany signed a memorandum of understanding with Nasdaq to explore a itemisation on that exchange.
Earlier this year, at that place was conjecture VNG could follow up on a reversal merger with a special design acquisition company (SPAC) to listing its gillyflower in the US. It’s believed such a combining would note value the companion at $2 1000000000000 to $3 billion.
While a SPAC listing is relieve below consideration, the troupe is now leaning towards an initial public offering (IPO) inwards the US, an choice that it has been exploring since at to the lowest degree 2017,” reports Bloomberg.
There is a guide for smaller Asiatic gaming enterprises to win get at to US investors via blank-check deals. But the appetite for SPAC deals is cooling, and that could obligate VNG to act on a traditional IPO. Several other non-gaming companies from other countries inwards southeastern United States Asia came to securities industry inwards the US via SPAC transactions.
What’s Next for VNG
No clip business line was precondition regarding when VNG could make water its way of life to a US exchange, and it’s not at once all the way if the gaming accompany has hired an investment bank to alleviate an IPO. type A standard offering usually takes several months yearner to execute than a blank-check transaction.
VNG will also face the task of familiarizing US investors with its story. While Socialist Republic of Vietnam is a fast-growing thriftiness and 1 that many pro investors are intimate with, the securities industry at that place is for the most part henpecked past slower ontogenesis state-controlled companies, and in that location are limits on strange investment.
The governing is relaxing some of those limits, and the state is rest home to 1 of the region’s to the highest degree vibrant startup scenes, including VNG. The company is at present tasked with illuminating a broader belt of foreign investors to its story.