Vietnam’s once-tech-unicorn VNG has announced that it will postpone its IPO in the US possibly until next year, VN Express is reporting. ‘Unfavourable conditions’ have seen VNG reassess its situation, according to the publication.
For context: This is yet another in a series of on-again-off-again IPO announcements from VNG dating as far back as 2017. It seems a lot like VNG was trying to piggy-back on the hype around Vinfast’s IPO but as that hype faded it looks like VNG’s ambitions did too. That said, VNG did list locally on the Unlisted Public Company Market (UPCoM) in Hanoi back in January at a valuation of US$364 million.
