VinFast shares doubled in trading on Tuesday – Kommersant

Shares of Vietnamese electric car manufacturer VinFast, which spent US IPOs last week rose 109% to $36.72 each on the Nasdaq on Tuesday. The company is now valued at $85 billion, once again making it more expensive than automakers such as Ford Motor, General Motors and the BMW Group.

VinFast shares are extremely volatile from the very first day of trading. According to the results of the first day, they rose by more than 68%, but the correction began almost immediately. The volatility of VinFast shares is due, among other things, to the fact that they were issued in a relatively small number – only 1% of the total share capital, so the sale and purchase strongly influence the price. The rest of the shares are controlled by the company’s founder and Vietnam’s richest man, Pham Nhat Vuong.

VinFast spokesman said CNNthat after such a “warm reception” by the market, the company is ready to consider the option of an additional issue of shares on the free market. This can happen within six months or a year.

Kirill Sarkhanyants