Vietnam’s largest conglomerate Vingroup JSC said on Saturday it plans to list its car unit VinFast on the US stock market in the second half of next year, in an offering expected to raise at least $3 billion, Reuters reported.

This came after an official said last month the listing may happen within the next couple of years, as the company joins a growing list of electric vehicle startups taking advantage of investor excitement to raise funds, according to the report.

VinFast will be joining Vietnam-based loyalty and analytics platform Society Pass (SoPa) to go public on the US stock market. SoPa started trading on NASDAQ in November. Another Vietnam-based delivery startup Loship said earlier it aims to list on New York Stock Exchange (NYSE) by 2024.

VinFast, Vingroup’s automaking arm, had flagged in April it was seeking an IPO slated for the second quarter of this year, eyeing a $60 billion valuation with an expectation to raise at least $3 billion.

Vingroup said in a statement on Saturday that it had set up a Singapore-based holding company owning a stake in Vinfast’s operations in Vietnam to fuel the IPO process. Vingroup will be a major shareholder of VinFast Singapore.

“This restructuring is part of the preparation for VinFast’s IPO in the US, an important step in the company’s strategy to become a global brand,” Vingroup said.

Currently, VinFast is working with international investment banks to prepare for the IPO that is planned for the second half of 2022.

On Thursday, Reuters first reported Vingroup was seeking $1 billion from global investors for VinFast in pre-IPO fundraising.

VinFast became Vietnam’s first fully-fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

In a statement to Reuters, Vingroup said it was targeting global electric vehicle sales of 42,000 units next year, up from its previous plan of 15,000.

Last month, VinFast has officially launched its global EV brand and unveiled two electric SUV models at the 2021 Los Angeles Auto Show. In the same month, VinFast also officially announced that its US Headquarters will be located in Los Angeles, California.

The decision was welcomed by Los Angeles Mayor Eric Garcetti and several California and Los Angeles government officials. The move by VinFast — backed by Vietnam’s largest multi-disciplinary conglomerate Vingroup — is part of a global expansion that includes the introduction of an all-new lineup of electric vehicles in the US, Canada, and Europe starting in 2022, VinFast said in a statement dated Nov 16.

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