VinFast Shares Soar 270% in IPO Debut
Vietnamese electric vehicle manufacturer, VinFast's shares surged by 270% after its U.S. trading debut on Nasdaq, driven by its merger with Black Spade Acquisition, a special purpose acquisition company. The jump in share price pushed VinFast's total market value beyond established automakers like Ford, GM, BMW, and Volkswagen. VinFast's market capitalization is now around $85 billion, up from a previous valuation of about $23 billion. Despite being a newcomer, this places VinFast ahead of BMW and Volkswagen. The company's decision to go public through a SPAC was attributed to challenging market conditions and its desire to list quickly in the U.S. market. VinFast aims to compete in the EV market, expanding its operations into the U.S. with a factory in North Carolina, targeting a production capacity of 150,000 vehicles per year by 2025.
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00:00 It's Benzinga and here's what's on the block.
00:02 Vietnamese electric vehicle manufacturer VinFast shares surged by 270% after its US trading
00:08 debut on Nasdaq driven by its merger with BlackSpade Acquisition, a special-purpose
00:12 acquisition company.
00:13 The jump in share price pushed VinFast's total market value beyond established automakers
00:17 like Ford, GM, BMW, and Volkswagen.
00:21 VinFast's market capitalization is now around $85 billion, up from a previous valuation
00:25 of about $23 billion.
00:27 Despite being a newcomer, this places VinFast ahead of BMW and Volkswagen.
00:31 The company's decision to go public through a SPAC was attributed to challenging market
00:34 conditions and its desire to list quickly in the US market.
00:38 VinFast aims to compete in the EV market, expanding its operations into the US with
00:42 a factory in North Carolina, targeting a production capacity of 150,000 vehicles per year by 2025.
00:48 For all things money, visit Benzinga.com.
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