Vietnamese Unicorn VNG to Seek Funds Ahead of U.S. Listing, Sources Say
(Bloomberg) -- VNG Corp., the Vietnamese online gaming firm backed by Singapore wealth fund GIC Pte, is considering raising fresh funds ahead of a potential U.S. listing, according to people familiar with the matter.
The company, whose investors also include Facebook co-founder Eduardo Saverin and Raj Ganguly’s B Capital Group, is seeking to raise $200 million to $300 million from both new and existing backers, the people said. The company intends to use the proceeds to bolster its expansion plans, they said, asking not to be identified because the information is private.
VNG had been exploring fundraising options including going public in the U.S. through a reverse merger with a blank-check company, Bloomberg News reported in August. A transaction could value VNG at $2 billion to $3 billion, people familiar with the matter said at the time.
While a SPAC listing is still under consideration, the company is now leaning towards an initial public offering in the U.S., an option that it has been exploring since at least 2017, the people said. VNG is restructuring the business to make it easier for a potential U.S. listing, the people said.
Discussions are ongoing and details such as the size of the round could still change, the people said. A representative for VNG said the company actively engages with investors and stakeholders as part of its ordinary course of business, and declined to comment further.
Founded in 2004, VNG offers online games, cloud computing, communication platforms and finance and payments services, according to its website. It has 11 offices in five countries.
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