VNG is considering public listing via SPAC merger at US $3 B valuation, says report
Bloomberg reported, citing unidentified sources that Vietnamese internet behemoth VNG Corporation is considering going public in the United States through a combination with a special purpose acquisition company (SPAC) at a valuation of US$2 to US$3 billion.
The internet behemoth is consulting with financial advisers and in negotiations with a number of SPACs about a possible merger.
With a valuation of over US$2.2 billion, VNG is Vietnam’s first tech unicorn. Some of its high-profile investors include Singapore’s government wealth fund GIC, Temasek, and Goldman Sachs.
For some years, the business has been exploring a possible listing. VNG had signed an MoU to list its shares on the NASDAQ, the world’s second-largest stock market, according to Bloomberg in 2017.
In 2004, the firm began as a game startup and has subsequently grown into digital content, e-commerce, digital payments, and, most recently, cloud services. It has four business units that offer a diverse range of products and services: online gaming, payments, Zalo, and cloud.
VNG invested US$6 million in B2B gifting services business got it in March of this year in exchange for a 25% interest.
It paid US $17 million for a 38 percent stake in e-commerce platform Tiki in 2016.
According to a Reuter’s storey, VNG filed a lawsuit against TikTok in August 2020 for claimed copyright infringement in Vietnam. VNG, which has operations in online gaming, music streaming, and messaging applications, accused the Chinese app of unauthorised usage of audio files held by its subsidiary Zing.
