- VNG, a Vietnam tech firm, withdrew its planned $150 million Nasdaq IPO, citing weak investor appetite.
- The gaming and social media giant filed last August but faced roadblocks.
- VNG still hopes to list in the US eventually, despite ending speculation for now.
Vietnam-based tech conglomerate VNG has pulled its application for a US stock market debut after facing delays and setbacks. The company had filed for an initial public offering on the Nasdaq in August 2023, looking to raise $150 million.
How it started
Founded in 2004 as a gaming firm called VinaGame, VNG now operates leading platforms in social media (Zalo), fintech (ZaloPay), cloud services, and more. Gaming still makes up 70-80% of its revenues.
VNG hit roadblocks on the way to its coveted US listing, which would have made it the first Vietnamese firm on the Nasdaq.
Withdrawing of US IPO
In October, CEO Le Hong Minh cited a lack of investor appetite towards Asian tech IPOs. Slower growth amidst economic woes likely also factored in.
For now, VNG has withdrawn its US IPO dreams, but the filing states its intent to reapply in the future. VNG currently trades in Vietnam’s unlisted public company market.
The pulling of its US listing ends longtime speculations, but VNG still seems to harbor hopes of opening access to the US capital markets.
