Friday , September 29 2023

VNG seeks $300 mln funding ahead of US listing

Vietnam’s online gaming firm VNG is set to raise $200-300 million from both new and existing backers ahead of its potential U.S. listing.

The unicorn startup, whose investors include Facebook co-founder Eduardo Saverin, intends to use the cash to expand, people familiar with the matter told Bloomberg.

The news outlet reported in August that VNG had been exploring going public in the U.S. through a merger with a blank-check company.

The transaction could value VNG at $2 billion to $3 billion, it is forecast.

Discussions are ongoing and details regarding the size of the round could still change, insiders added.

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.

VNG, founded in 2004, offers games, cloud computing and other online services. It has 11 offices in five countries.

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