On August 23, 2023, VNG Limited (“VNG” or the “Company”) submitted its initial public offering (“IPO”) application to the U.S. Securities and Exchange Commission (“SEC”), positioning the company for a listing on the Nasdaq. According to documents filed by VNG with the SEC, the company plans to offer approximately 21.7 million shares in the IPO. However, the fundraising size and the offering price have yet to be determined.
VNG’s diverse business operations encompass gaming, music sharing, information services, streaming, news portals, and mobile payment solutions. Notably, the company owns Zalo, a social communication platform that outpaced Meta’s FB Messenger in 2020, making it Vietnam’s top chat app with an impressive 75 million monthly active users.
As a Vietnamese unicorn company, VNG has received significant investments, primarily from Tencent Holdings Ltd (HKG: 0700), the Chinese tech giant. Other notable shareholders include B Capital Group, led by Facebook co-founder Eduardo Saverin, Mirae Asset Financial Group under Hyeon Joo Park, and Singaporean state-linked investment firms GIC Limited and Temasek Holdings Limited.
VNG’s IPO closely follows the recent listing of VinFast (NASDAQ: VFS) in the U.S., once again signifying Vietnam’s growing presence in the global tech industry. These developments highlight Vietnam’s increasing influence on the global tech innovation stage, offering both opportunities and challenges for companies in the region.