VinFast’s $65 Billion Valuation De-SPAC Overtakes Ford and General Motors

(Bloomberg) — VinFast Auto Ltd. has soared in its public start, outperforming its market value beyond General Motors Corp. and Ford Motor Co., as traders flipped shares of the electric automaker.

Most Read from Bloomberg

The Vietnamese company, which went public in a SPAC deal, is valued at nearly $85 billion after shares surged Tuesday, rising to $37.06 in New York — up more than 270% from SPAC’s IPO price and more than triple the implied share value. for the $23 billion deal. .

Read more: Vietnam’s richest man adds $30 billion as electric car maker goes public

VinFast debuted on the Nasdaq Global Select Market under the symbol VFS to a flurry of trading and halted volatility after completing its merger with SPCA Black Spade Acquisition Co. De-SPAC’s top-performing company, which will debut this year on a US stock exchange.

The eye-catching valuation makes VinFast more valuable than BMW AG alone, and more than Ford and Rivian Automotive Inc. Combined on paper in terms of market capitalization, lagging behind BYD Co Ltd.’s market capitalization.

However, it should be noted that VinFast is a company with a low float. There is a small amount of shares available for trading – only 1.3 million shares of SPAC remain after redemptions – which means that the movement and value of the shares is subject to significant fluctuations.

Regulatory filings show Pham Nhat Phuong, Vietnam’s richest man and founder of VinFast, controls about 99% of the entity, in part via shares owned by his wife and Vingroup JSC. This means that the vast majority of stocks are locked up and unavailable to investors who would have gained from Tuesday’s rally.

Read more: SPACs with tiny floaties use the Meme-Stock Book for crazy swings

Additionally, companies that merge with black check firms tend to experience highs that fade after a few trading sessions after the deal closes, when the social media buzz subsides. De-SPACs that debuted this year have seen an average decline of about 45%, with 18 of them having spent more than 70% of their value, according to data compiled by Bloomberg.

(Updates stock movement and market valuation all the time.)

Most Read from Bloomberg Businessweek

© 2023 Bloomberg LP

Related Posts

Pat Sajak discusses his health problems. He believed he was going to die from the pain

“Wheel of Fortune” host Pat Sajak, in his first post-surgery interview, shared the harrowing experience of his blocked bowel emergency a month ago. Severe pain during a morning walk led…

Read more

Mom With Over 800 Tattoos Called A Freak – Struggles To Secure Job As Businesses Won’t Hire Her

A mother’s two adoring children continue to look up to her as a role model despite the fact that her peers have called her a “freak.” There are no innate…

Read more

Pregnant Wife Sees Best Friend’s Message on Husband’s Phone: ‘You Haven’t Told Her about Us?’

In a Reddit saga, an anonymous user confronted the painful revelation of her husband’s infidelity with her best friend while she was six months pregnant. The woman, facing the challenges…

Read more

A woman is waiting for a train to return home

Presenting millions of photos is not necessary. On the train platform, Ylva Johansson, the Swedish Labor Minister, was observed consuming food. The politician is shown as an ordinary woman rather…

Read more

Why Is It Important To Store Toilet Paper In The Refrigerator? A Little-Known Secret

The battle against unpleasant odors in the kitchen takes an unconventional turn with the use of toilet paper stored in the refrigerator. Opening the fridge often reveals stubborn, musty smells…

Read more


We’ve all got these tiny openings in our skin for releasing sweat and oil, We’ve all got these tiny openings in our skin for releasing sweat and oil, but for…

Read more

Leave a Reply

Your email address will not be published. Required fields are marked *