Vingroup eyes $60 billion valuation for car unit in potential U.S. IPO: sources

FILE PHOTO: Labourers work at Vinfast auto plant on the occasion of its opening ceremony in Hai Phong city, Vietnam June 14, 2019. REUTERS/Kham/File Photo

(Reuters) – Vingroup JSC, Vietnam’s largest conglomerate, is considering an U.S. initial public offering (IPO) of its car unit that could value VinFast at about $60 billion, two people familiar with the matter said on Monday.

Vingroup, which was founded in 1993 in Ukraine, is working with Credit Suisse Hong Kong for the potential offering on the New York Stock Exchange, the sources said.

Bloomberg News had reported earlier on Monday that the company could raise as much as $3 billion in its IPO, making it the biggest ever listing by a Vietnamese company.

A Vingroup spokesman did not immediately respond to Reuters’ request for a comment.

VinFast became Vietnam’s first fully fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019.

VinFast, which also produces electric motorbikes and buses, obtained a permit to test autonomous vehicles on public streets in California earlier this year.

Vingroup has grown to become one of Vietnam’s largest listed firms. The company, once a real estate and retail conglomerate, now also sells vehicles, television sets and smartphones.

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