HANOI, Jan 23, 2024 (AFP) – Vietnamese internet firm VNG has withdrawn its registration for an initial public offering in the United States, according to a company statement.
Last year, the Ho Chi Minh City-based company said it aimed to sell nearly 22 million shares in the IPO and had plans to expand into Southeast Asia, the Middle East and Latin America.
“The Company has determined not to conduct a registered offering at this time and intends to file a new registration statement in the future,” according to a statement dated January 19 and signed by CEO Le Hong Minh on the US Securities and Exchange Commission’s website.
VNG, one of Vietnam’s leading game publishers, filed for an IPO in August shortly after Vietnamese electric vehicle maker VinFast made its debut in New York.
In an interview with AFP in December, Minh said his startup would only list on the Nasdaq “when the market is favourable”.
Founded in 2004, VNG operates a wide range of services, including music streaming, mobile payment, online games and messaging.
It counts Chinese internet giant Tencent and Singapore state investor Temasek among its shareholders.
