VnExpress News The News Gateway of Vietnam
Conglomerate Masan said it was considering launching an international initial public offering for its consumer retail unit The CrownX in 2023-2024 after raising a further $350 million from a consortium of investors.
The consortium of investors comprised private equity firm TPG, Platinum Orchid, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and Temasek-owned SeaTown Master Fund, Masan said in a statement on Monday.
The CrownX, Vietnam’s biggest retail company, was formed through a merger of Vingroup’s retail units and high-tech farms with Masan’s food and beverage unit in 2019.
According to Masan, the post-investment valuation of The CrownX is $8.2 billion, or $105 a share. Parent company Masan will hold 81.4 percent of the consumer retail unit.
The CrownX was considering strengthening its consumer wallet services and digitising its entire platform to become a consumer tech company ahead of its IPO, said Le.
The retail unit has raised a total of $1.5 billion since late 2020 including $400 million funding from an Alibaba-led consortium in May and $340 million from South Korea’s SK group in November.
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