2023-05-30 09:07:04 ET
Vietnamese EV maker VinFast ( VFS ) has withdrawn its filing for a US initial public offering in the wake of news that it plans to go public via a SPAC merger.
VinFast had filed for the IPO in December, but didn't disclose any terms. The carmaker, which is majority owned by conglomerate Vingroup, was reported last year to be seeking up to $1B through the deal.
Earlier this month, VinFast announced it had agreed to merge with SPAC Black Spade Acquisition Group ( BSAQ ). The deal estimated the enterprise value of the combined company at $27B, with an equity value of $23B. The merger is expected to close during the second half of the year.
More on VinFast:
Vietnamese EV maker VinFast files for proposed $100M US IPO
Vietnamese EV maker VinFast agrees to go public through deal with SPAC
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Vietnamese EV maker VinFast pulls IPO in wake of SPAC deal