VinFast Auto, an electric vehicle manufacturing unit of Vietnam's Vingroup, withdrew its plans for an initial public offering on Tuesday. It originally filed in December 2022 with an estimated deal size of $1 billion.
In May 2023, VinFast announced that it planned to list in the US through a merger with SPAC Black Spade Acquisition (BSAQ; +3% from $10 offer price).
The Hai Phong, Vietnam-based company was founded in 2017 and booked $638 million in revenue for the 12 months ended December 31, 2022. It had planned to list on the Nasdaq under the symbol VFS. Citi, Morgan Stanley, Credit Suisse, J.P. Morgan, BofA Securities, BNP Paribas, HSBC, Nomura Securities, WR Securities, and RBC Capital Markets were set to be the joint bookrunners on the deal.
