Friday , February 23 2024

VNG changes mind on US initial public offering of shares


Vietnamese technology company VNG has withdrawn its application for an initial public offering in the U.S. due to a change in plans.

“The company has determined not to conduct a registered offering at this time and intends to file a new registration statement in the future,” VNG Limited, the biggest shareholder in VNG Corp, said in a filing with the U.S. Securities and Exchange Commission.

No securities have been or would be issued or sold pursuant to the registration statement, it said.

A VNG media representative declined to comment.

VNG requested the commission to retain all the fees it paid in connection with the IPO for future use.

VNG first announced last August that it intended to make an IPO and list on the Nasdaq Global Select Market.

The company, which develops online games and operates popular messaging app Zalo, was founded in 2004 and its products have been used by over 80 million people.

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