logo |

News

    Home   >     Industry    >     Main body

    VinFast Adds Banks to Advise on U.S. Listing, but Plan Faces Delay

    Abstract:HONG KONG (Reuters) – Automaker VinFast has added JPMorgan and Deutsche Bank to a team advising it on a planned U.S. listing, a group executive said, but sources said Vietnams likely first U.S. listing faces a delay due to uncertainty over regulations.

      By Scott Murdoch, Anshuman Daga and Phuong Nguyen

      “VinFast is working with advisers including JPMorgan and Deutsche Bank in the syndicate for the U.S. listing,” Le Thi Thu Thuy, vice chairwoman of VinFasts parent Vingroup JSC, told Reuters.

      JPMorgan and Deutsche Bank declined to comment.

      VinFast had flagged in April it would consider a U.S IPO or merger with a Special Purpose Acquisition Company (SPAC).

      Reuters reported earlier in the month that VinFast was eyeing a valuation of about $60 billion and had appointed Credit Suisse to lead the potential transaction. Sources have said VinFasts IPO could raise at least $2 billion, and one source had said a deal was slated for the second quarter.

      VinFasts preferred scenario is to merge with a SPAC for a U.S. listing, said two sources who had direct knowledge of the matter.

      However, they said the talks with the SPACs havent made much headway in terms of coming up with deal proposals or a specific timeline for a listing.

      This was due to uncertainty surrounding SPAC regulations in the United States, said the sources, who did not want to be named as the information has not yet been made public.

      A time table on a transaction has not been set and the companys plans could change, they added.

      The U.S. Securities and Exchange Commission has stepped up scrutiny of SPACs, which have been hugely popular over the past year. An official said in April the agency is reviewing filings and seeking clearer SPAC disclosures, and detailed concerns around fees, conflicts and sponsor compensation.

      When asked about any delay in the listing plan, Thuy, who was formerly chairwoman of VinFast, said the company was still carrying out procedures needed for the U.S. listing and would make an announcement later.

      JPMorgan was appointed because of its work on U.S. SPAC deals over the past year, one of the sources said.

      Deutsche Bank has worked closely with Vingroup, Vietnams largest conglomerate, in the past and was a lead arranger and book runner on a $525 million syndicated loan for VinFast in January last year.

      (Reporting by Scott Murdoch in Hong Kong; Anshuman Daga in Singapore and Phuong Nguyen in Hanoi; Editing by Muralikumar Anantharaman)

    Latest News

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.