VNG Corp. To File for IPO in USA

According to a Securities and Exchange Commission filing, Vietnamese internet company VNG Corp has filed for an initial public offering (IPO) in the United States through VNG Ltd. VNG will become the first Vietnamese technology company to be listed in the United States as a result of the listing. VNG stated in the filing that it intended to offer 21.7 million shares at an undisclosed price range.

As per the filing, the IPO proceeds will be used to pay original foreign investors who were direct shareholders of the company, as well as repay outstanding loans.

Tencent, the Chinese social media and gaming giant, and Singapore state investor Temasek are among the company's shareholders.

VNG, which was founded in 2004, was Vietnam's first unicorn, or startup worth $1 billion or more, and it signed a preliminary agreement with U.S. bourse operator Nasdaq Inc in 2017 to explore an IPO.

The Ho Chi Minh City-based company's operations include online games, payments, cloud services, and Zalo, Vietnam's most popular messaging app.

According to the filing, Citigroup, Morgan Stanley, UBS, and Bank of America are among the underwriters of the IPO.