Vietnam's Green and Smart Mobility Targets Hong Kong IPO

Background and IPO Plans

Green and Smart Mobility (GSM), Vietnam's leading electric taxi operator backed by conglomerate Vingroup, is preparing for an Initial Public Offering (IPO) on the Hong Kong Stock Exchange ¹

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Source 2

https://internasional.kontan.co.id/news/gsm-vietnam-bidik-ipo-hong-kong-target-valuasi-us-3-miliar-1

. The planned IPO, potentially happening between late 2026 and early 2027, is targeting a valuation between $2 billion and $3 billion ¹

Source 1

https://internasional.kontan.co.id/news/operator-taksi-listrik-vietnam-berencana-ipo-di-hong-kong-bidik-valuasi-us3-miliar

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Financial Projections and Objectives

The company aims to raise a minimum of $200 million through this public offering ¹

. According to sources, the targeted valuation includes the company's debt obligations. This strategic move is expected to support GSM's regional expansion plans and strengthen its position in Southeast Asia's growing electric vehicle market.

Significance and Future Implications

If successful, GSM's Hong Kong listing would mark the first IPO by a Southeast Asian company in the region ¹

. It would also be Vingroup's second international IPO, following the successful listing of electric vehicle manufacturer VinFast on Nasdaq in 2023 ²

Source 2

https://internasional.kontan.co.id/news/gsm-vietnam-bidik-ipo-hong-kong-target-valuasi-us-3-miliar-1

. The funds raised are expected to help alleviate financial pressure on Vingroup and its chairman Pham Nhat Vuong, who has been aggressively expanding VinFast's global operations.

Market Context and Strategic Importance

The planned IPO comes at a strategic time as GSM continues to expand its electric vehicle fleet and infrastructure across Vietnam and potentially other Southeast Asian markets. Hong Kong's status as a major financial hub makes it an attractive listing destination for GSM, providing access to a broader investor base and enhancing the company's international profile.