 VinFast's shares rise more than 68% to close at US$37.06 following its successful IPO on the Nasdaq. (Photo: Yahoo Finance) |
The S&P 500, Nasdaq, and Dow Jones Industrial Average experienced declines in their respective points on Tuesday. The S&P 500 fell by 1.16% to 4,437.86 points, the Nasdaq dropped 1.14% to 13,631.05 points, and the Dow Jones Industrial Average lost 1.02% to 34,946.39 points.
The first trading session on Tuesday saw nearly 6.8 million shares of Vinfast being tradeded, raising the market capitalization of the Vietnamese electric vehicle maker to 85.5 billion USD, which is 3.7 times higher than its initial valuation of 23 billion USD.
The listing and trading of VinFast shares on Nasdaq, the world’s largest capital market, not only provides opportunities for the EV maker to access international capital markets, but also serves as an inspiration for Vietnamese brands to go public globally.
To prepare for the IPO, VinFast and Black Spade Acquisition Co. of the US entered into a business combination agreement in May. The US firm then adopted the business combination plan at a special shareholders’ meeting last Thursday. The business combination was successfully completed on Tuesday, and VinFast’s shares went public the following day.
 VinFast has successfully gone public on the Nasdaq , enabling it to access international capital markets. |
The news about VinFast’s IPO listing on the Nasdaq has influenced investors to invest in shares of Vingroup, VinFast's parent company, on the Ho Chi Minh City Stock Exchange (HOSE). VIC stock increased by 20.78% from July 31 to August 4, and further rose by 16.7% in the past week, closing at a one-year high of 72,600 VND each.
VinFast’s profile is now available on the Nasdaq website. The firm aims to be a leader in the future of Smart Mobility through its intelligent, thoughtful, and inclusive EV platform. It strives to promote cleaner and more sustainable approach to 21st-century mobility that are both evolutionary and revolutionary.
VinFast has already delivered its all-eletric sports utility vehicles (SUVs) have been delivered to customers in Vietnam and North America, with deliveries to Europe expected in the near future.
Its EV models that have been handed over in the Vietnamese market include VF e34, VF 8, VF 9, and VF 5. In early this year, the company shipped the first two batches of VF 8s to North America. Most recently, VinFast initiated the construction of an electric vehicle factory in North Carolina, the US.