Inside the VNG Corp.’s city campus in Ho Chi Minh City, Vietnam.Photographer: Maika Elan/Bloomberg
The company, which is Vietnam’s largest homegrown digital ecosystem, plans to go public under the symbol VNG.
VNG will issue around 22 million shares in the IPO, according to the listing plan. It stated in its filing on Wednesday that VNG will continue to be owned by its founders, Le Hong Minh and Vuong Quang Khai. VNG will control 49% of VNG Corp., the Vietnamese operating business.
VNG was created in 2004 as VinaGame. Gaming still accounts for 70% to 80% of overall revenue. The remainder comes from social networking (Zalo), financial services (ZaloPay), and cloud services (VNG Cloud).
VNG Corp., formerly Vinagame, began as a game publisher in 2004. It creates and distributes its own titles as well as localized copies of worldwide bestsellers, and has steadily evolved to include a wide range of services like music sharing, video streaming, messaging, a news portal, and mobile payments.
Since at least 2017, it has been considering going public in the United States. In January, the company began trading on the Hanoi Stock Exchange’s Unlisted Public Company Market, which many analysts believe was a stepping stone toward a US IPO.
VNG stated in July that it aims to produce a net revenue of VND 9.28 trillion ($393.3 million) this year. This is a 19% increase above the 2022 figure.
VNG Ltd.’s IPO would follow the US debut of Vietnamese electric-vehicle maker Vinfast Auto Ltd., which closed a $23 billion merger with blank-check company Black Spade Acquisition Co. earlier this month.
Source: Bloomberg