Wall Street fell in love with automotive IPOs, but the craze has recently slowed down significantly. However, it appears another could be on the horizon as VinFast has made a filing with the U.S. Securities and Exchange Commission on a proposed public offering of its ordinary shares.
In a statement, the automaker said they intend to list on the Nasdaq Global Select Market and trade under the VFS ticker symbol. However, the “number of shares to be offered and the price range for the proposed offering” has yet to be determined.
While a number of things need to be finalized before the IPO, VinFast said Citigroup, Credit Suisse, Morgan Stanley, and J.P. Morgan Securities will act as the “lead book-running managers and as representatives of the underwriters for the proposed offering.” BNP Paribas, HSBC Securities, Nomura Securities, WR Securities, RBC Capital Markets, and Robert W. Baird & Co will also be involved.
Also: VinFast Exports The First 999 VF 8s To The United States
The IPO is expected to come next year and this will presumably give investors time to gauge consumer reaction to the VF 8. The first batch of 999 vehicles was shipped to the United States last month and deliveries are set to begin before the end of the year.
The company has previously said they have 65,000 global orders for the VF 8 and VF 9. Deliveries of the latter are scheduled to begin in the first quarter of 2023, both in Vietnam and in international markets.
As a refresher, the VF 8 starts at $57,000 and can be had for as little as $42,200 if customers get a battery subscription that costs $169 per month. The larger VF 9 begins at $76,000 but has a $219 per month battery subscription that lowers the base price to $57,500.