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VinFast, an electric carmaker backed by Vietnam’s richest man, has filed for an initial public offering in the US just as it prepares to deliver its first SUVs to California customers later this month.

The unit of conglomerate Vingroup JSC, founded by Pham Nhat Vuong, is being advised by banks including JPMorgan Chase & Co., Citigroup Inc., Credit Suisse Group AG and Morgan Stanley, according to an F-1 filing with the US Securities and Exchange Commission. The shares will trade under the symbol VFS on the Nasdaq Global Select Market. There were no details provided on the size of the fundraising or a possible listing date.

VinFast’s IPO plans have been percolating for almost two years. Bloomberg News first reported in early 2021 that Vingroup was considering a $2 billion US IPO for the EV maker. The company in April filed confidentially for the share sale. VinFast could raise at least $1 billion from an offering as soon as January, Bloomberg reported earlier.

VinFast will sell and list shares on Nasdaq “when market conditions permit," VinFast Chief Executive Officer Le Thi Thu Thuy said in a statement.

“We understand that our company valuation or the size of our IPO will be subject, in part, to market conditions," she said. “Once VinFast successfully lists in the US, this will facilitate future access to the capital markets for the company, and further support VinFast’s global expansion."

VinFast “will continue to monitor opportunities" for future fundraising, Thuy said.

The IPO could be the biggest by a Vietnamese company since Vinhomes JSC’s $1.4 billion domestic debut share sale in 2018, according to data compiled by Bloomberg. Even after a strong 24% rally since mid-November, the benchmark VN Index is still 30% lower this year, making it one of the worst-performing equity gauges in the world.

VinFast reported 8,779.7 billion dong ($365.3 million) from sales of vehicles for the nine months of the year ended September 30, according to the filing. The company had 1,854.6 billion dong in cash and cash equivalents for the same period. 

The filing also comes after the company loaded 999 electric vehicles onto a VinFast branded cargo ship destined for Los Angeles on Nov. 25. The five-year-old company said it will deliver vehicles to its first US customers later this month, beginning the immense challenge of taking on the world’s top auto brands.

The automaker’s efforts to become a global brand include the recent ground breaking of a North Carolina factory, where it expects to start production in July 2024. It signed agreements with banks in July to raise at least $4 billion for its US expansion. However, the company said in late November that it needs to delay EV rollouts in Europe and Canada to early 2023 due to the global shortage of semiconductors.

This story has been published from a wire agency feed without modifications to the text.

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