On August 15th, VinFast, an automotive company, rang the opening bell on the Nasdaq Global Select Market and witnessed its stock surge over 200% on its first day of initial public offering (IPO), immediately pushing its market capitalization beyond that of General Motors and Ford Motor.
On August 15th, VinFast officially debuted on the Nasdaq Global Select Market, becoming a globally recognized publicly listed company. The company operates under the legal entity VinFast Auto Ltd. (“VinFast”) with the trading code “VFS.”
The ringing of the bell on Nasdaq Stock LLC (“Nasdaq”) occurred shortly after VinFast successfully completed a business merger with Black Spade Acquisition Co (“Black Spade”) on August 14th, 2023.
Consequently, VinFast officially became a globally recognized publicly listed company and is the largest valued Vietnamese brand listed on the U.S. stock exchange up to the present time.
Sharing thoughts on this significant milestone, VinFast Global CEO Le Thi Thu Thuy stated: “The successful listing of VinFast will provide a solid foundation for our goal of making smart, safe, and environmentally friendly electric vehicles accessible to a wide range of consumers, fulfilling our commitment to the sustainable global transportation revolution. Additionally, this event opens up the possibility of accessing the world’s largest capital market and sets an important direction for the company’s future development. We hope that VinFast’s story will inspire and create numerous opportunities for Vietnamese brands to venture onto the global stage.”
According to Bloomberg, on its very first day as a public company, VinFast’s stock surged by an impressive 255%, marking the best performance of a company listed through a Special Purpose Acquisition Company (SPAC) on a U.S. exchange since the beginning of the year.
The successful IPO elevated VinFast’s market value to around 85 billion USD, with its stock reaching 37 USD in New York, signifying an increase of over 270% compared to the SPAC’s IPO price.
This remarkable valuation places VinFast ahead of BMW AG, as well as Ford and Rivian Automotive combined, in terms of market capitalization.