Vietnam internet firm VNG delays $150-million US IPO on volatile market conditions

Vietnamese internet company VNG Ltd has delayed a $150 million US initial public offering (IPO) due to volatile market conditions, a person with direct knowledge of the matter told Reuters.

The person spoke on condition of anonymity as the information is not yet public.

VNG declined to comment on the matter.


Founded in 2004, VNG was Vietnam's first unicorn, or a startup valued at $1 billion or more. An IPO would have made it the first Vietnamese technology firm to list in the US

Its regulatory filings for a Nasdaq listing became public in late August and it had aimed to a debut in late September or early October, sources had previously told Reuters.

The decision to put the deal on hold came after the company and its advisors held some early investor meetings ahead of a formal roadshow, the source said.

VNG still aims to carry out a New York listing, likely in the first half of 2024, they added.