More Vietnamese businesses submit applications to register for IPO in the US

VNG Limited, a shareholder of VNG, plans to make an initial public offering (IPO) of its Class A common stock on the NASDAQ Global Select Market under the ticker symbol “VNG”.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and BofA Securities, Inc. will be the underwriters for the IPO. The transaction size and offering price range have not yet been determined.

Founded in 2004, VNG has strived to grow from a 5-person startup to become the largest purely Vietnamese digital ecosystem technology company in Vietnam, with products and services closely related to the daily lives of millions of users.

According to Newzoo, VNG is currently the leading game publisher in the Vietnamese market and is expanding rapidly in the global market, and also owns Zalo, the most popular messaging app in Vietnam with more than 75 million monthly active users, according to F&S.

VNG’s other notable products include Zing MP3 (Vietnam’s largest online music platform with over 28 million monthly active users, according to F&S) and ZaloPay (Vietnam’s fastest-growing e-wallet, according to F&S).

The Form F-1 registration is still under review and has not yet been declared effective by the U.S. Securities and Exchange Commission (SEC).

Under Rule 135e of the Securities Act, Class A common stock may not be offered or sold in the United States without registration under the United States Securities Act of 1933 (the “Securities Act”), unless the securities are offered or sold in transactions that are exempt from, or not subject to, such registration requirements.

Any public offering of these securities in the United States will be conducted through an effective registration statement, which may be obtained from VNG Limited, containing detailed information about the company and its management team, as well as financial statements./.

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