Vietnamese internet firm VNG Corporation has retracted its initial public offering (IPO) registration in the United States, as per a statement submitted to the U.S. Securities and Exchange Commission on Jan. 19.
VNG, based in Ho Chi Minh City, stated in the announcement that it “has chosen not to proceed with a registered offering at this time and plans to submit a new registration statement in the future.”
The reason for the withdrawal and any potential timeline for a future registration were not disclosed by VNG.
According to a source familiar with the situation, the company failed to meet specific registration deadlines, leading to the withdrawal. However, the source indicated that VNG would continue to explore the possibility of going public. As of Tuesday, VNG had not responded to a request for comment.
In September, VNG had postponed its U.S. listing plan, which could have raised $150 million, citing volatile market conditions, according to Reuters, citing an individual with direct knowledge of the matter.
Established in 2004, VNG was Vietnam’s first unicorn, a startup valued at $1 billion or more.
VNG’s business portfolio encompasses online games, payments, cloud services, and Zalo, Vietnam’s most popular messaging app.
An IPO would potentially make VNG the first Vietnamese technology company to be listed in the U.S.
VNG’s shares on Vietnam’s Unlisted Public Company Market or Upcom closed down 2.5% on Tuesday.