VNG withdraws IPO application on US stock exchange

VNG decided not to offer to the public at the present time and asked the US Securities and Exchange Commission (SEC) to withdraw its IPO application.

This information was announced by VNG Limited in a notice sent to the SEC on January 19. Accordingly, the company requested the SEC to approve the withdrawal of the registration dossier under the F-1 form that had been submitted, because the decision not to offer to the public (IPO) at the present time. This enterprise also confirmed that no shares have been or will be issued or sold according to the submitted dossier.

On the afternoon of January 23, a VNG representative refused to comment on the information about withdrawing the IPO application on the US stock exchange.

VNG Limited also said in a January 19 announcement that it still intends to re-file its IPO application in the future. Since the fees paid are non-refundable, VNG Limited requests the SEC to allow it to be used in the event of a re-application for an IPO, pursuant to Section 457 of the US Securities Act.

Previously, at the end of August 2023, VNG announced that VNG Limited had filed a registration application under Form F-1 with the SEC. VNG Limited - VNG's largest shareholder - plans to offer Class A common shares to the public on Nasdaq Global Select Market under the trading code VNG.

VNG was established in 2004, originally named Vina Game Joint Stock Company (Vinagame), with a charter capital of 15 billion VND, and currently reaches more than 287 billion VND, after having just canceled more than 7.1 million treasury shares.

Listing shares on an international stock exchange is one of VNG’s long-cherished plans. In 2017, VNG signed a memorandum of understanding on listing on the Nasdaq exchange in the US.

Anh Tu - Minh Son

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