The capitalization of the Vietnamese VinFast exceeded the capitalization of GM, Ford and BMW – Kommersant
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The Vietnamese electric vehicle maker began listing on the NASDAQ on Tuesday, having filed a listing on the US stock exchange through a merger with SPAC. And according to the results of the first day of trading, the company’s shares soared by 68.5%. As a result, the company’s market capitalization has reached approximately $85 billion, which makes it more expensive than Ford Motor, General Motors and BMW Group. And the Vietnamese company is inferior to the Chinese giant BYD in value of only $ 8.7 billion.
VinFast is part of the VinGroup conglomerate of Vietnam’s richest man, Pham Nhat Vuong. VinFast was launched in 2017 to develop models in collaboration with BMW, Magna Steyr and Pininfarina. In early 2021, the Vietnamese automaker informed about preparing to enter the US market, and in December 2022 announced plans to conduct an initial public offering of its shares in the US. The company went public through a merger with Black Spade Acquisition. On the first day of trading, the shares of the already merged company rose 255% compared to the price of SPAC shares at the close of trading on Monday, the last day Black Spade was listed as an independent company. This is the best debut for companies merged with SPAC on US exchanges this year.
True, after the close of trading, the price of VinFast shares began to correct, and at 14:00 Moscow time it sank by more than 15%.
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