Friday , April 12 2024

Loan provider F88 eyes billion-dollar stock listing

Consumer loan provider F88 targets market capitalization of $1 billion when it lists on Vietnam’s main bourse by 2024.

The Hanoi-based company, which offers quick loans against vehicles, plans to increase its branches to 800 this year from 521, chairman and CEO Phung Anh Tuan told Bloomberg.

Last year it partnered with electronics retailer Mobile World to offer cash loans and with CIMB Bank Vietnam to reach underbanked parts of the country.

It is looking to raise VND4 trillion ($175.21 million) this year through bonds or international loans.

Established in 2016 it received funding from Mekong Capital and Granite Oak in 2017.

It achieved profits of VND16.6 billion in 2019 and VND44.8 billion in 2020, according to the latest data available.

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