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News on Medial
Vietnam tech company VNG withdraws U.S. IPO filing
Reuters
·
1y ago
Medial
Vietnamese internet company VNG Ltd has withdrawn its initial public offering (IPO) registration in the United States, stating that it does not plan to conduct a registered offering at this time but intends to file a new registration statement in the future. No reasons were given for the withdrawal, but a source familiar with the matter mentioned missed registration deadlines. VNG, which includes online games, payments, cloud services, and the popular messaging app Zalo, had previously postponed its IPO plan in September 2023 due to market conditions.
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Vietnam internet firm VNG delays $150-million US IPO on volatile market conditions
Economic Times
·
1y ago
Medial
Vietnamese internet company VNG Ltd has postponed its $150 million US IPO due to market volatility. VNG, Vietnam's first unicorn startup, had planned to debut on the Nasdaq in late September or early October. However, after early investor meetings, the company decided to put the deal on hold. VNG still intends to carry out a New York listing, likely in the first half of 2024.
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US pushes Vietnam to decouple from Chinese tech, sources say
Economic Times
·
1m ago
Medial
The United States is urging Vietnam to reduce reliance on Chinese technology in its manufacturing, especially for exports to the U.S. The aim is to decouple from Chinese high-tech, boosting Vietnam's industrial capacity. This follows discussions amidst threats of tariffs on Vietnam exports. Vietnam assembles products for major tech firms like Apple and Samsung, often using Chinese components. While Vietnam is willing, full restructuring faces challenges, needing time for development and potential economic impacts.
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US, Vietnam firms hold business summit during Biden visit; AI deals unveiled
Economic Times
·
1y ago
Medial
Top executives from leading U.S. and Vietnamese semiconductor, tech, and aviation companies are meeting during President Joe Biden's visit to Hanoi to explore business partnerships. Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing executives are participating in the Vietnam-U.S. Innovation & Investment Summit. The meeting aims to enhance collaboration, particularly in AI, as the U.S. seeks to reduce the semiconductor industry's exposure to China-related risks. Microsoft and Nvidia have announced AI-related partnerships with Vietnamese companies, and the U.S. has highlighted chip-related investments in Vietnam, including Marvell and Synopsys building chip design centers and Amkor's new factory.
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Zomato Subsidiary Voluntarily Withdraws NBFC Licence Application
Inc42
·
1y ago
Medial
Zomato announced that it will no longer pursue the lending/credit business, according to an exchange filing. The company stated that this decision will not have a significant impact on its revenues and operations. This comes shortly after reports emerged that Zomato was discussing potential partnerships with multiple NBFCs to provide working capital loans to its partner restaurants.
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Meta, Boeing, GE Vernova join US business delegation to Vietnam this week
Economic Times
·
1y ago
Medial
A delegation of U.S. companies, including Meta, Boeing, and GE Vernova, is visiting Vietnam to explore business opportunities. The visit highlights the continued interest from corporate entities following the upgrade in ties between the U.S. and Vietnam last year. Over 50 companies are participating in the visit, including Koch Industries, UL Solutions, Chubb, Roblox, ATMO, and AES. While many of these companies are already active in Vietnam, the delegation aims to further strengthen cooperation and explore new avenues for collaboration. The visit will include meetings with local authorities and discussions on potential partnerships.
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Trump’s tariff threat, China’s retaliation leave Apple stuck between a rock and a hard place - The Economic Times
Economic Times
·
1m ago
Medial
Apple is facing challenges from both the U.S. and China, with tariffs potentially impacting its manufacturing plans. China is retaliating by pulling Chinese workers from Apple's Indian facilities and tightening tech restrictions. India is trying to reduce its dependence on China by ramping up domestic electronics production, aiming for 38% value addition in five years. Meanwhile, Vietnam capitalizes on trade deals with the U.S., potentially threatening India's aspirations as a key Apple manufacturing hub.
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Insurance tech company Slide aims to raise $340 million in US IPO
Economic Times
·
2m ago
Medial
Insurance tech company Slide aims for a $2.12 billion valuation in its Nasdaq IPO, disclosed in a recent filing. The company and some stakeholders plan to raise $340 million, adding to recent notable insurance sector stock listings. Barclays and Morgan Stanley are leading the underwriting. Slide's shares will trade on Nasdaq under the symbol SLDE.
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Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
Entrackr
·
1y ago
Medial
Le Travenues Technology Limited, which operates the travel booking platform ixigo, has received the final nod from SEBI for its initial public offering (IPO), the market watchdog notified on Wednesday. In February, Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI for an IPO as the firm proposed to raise Rs 120 crore worth of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. As per DRHP, Elevation Capital, Peak XV Partners and the company’s co-founders Aloke Bajpai and Rajnish Kumar will participate in the offer for sale. The company will use the funds for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement. For the nine months ending December 2023, Ixigo recorded Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore. In FY23, its revenue from operations jumped 32% to Rs 501 crore from Rs 379.6 crore in FY22. It also turned profitable in FY23 with Rs 23.4 crore profit against Rs 21 crore loss in FY22. Meanwhile, hospitality firm Oyo has withdrawn its draft IPO papers. As per the SEBI’s website, Oyo parent Oravel Stays withdrew the document on May 17. The Ritesh Aggarwal-led company did not mention the reason behind the back out. Oyo had plans to raise up to $450 million through the sale of dollar bonds. As per a media report, Oyo is seeking funding to the tune of $80-90 million from family offices at an 80% valuation haircut. Earlier, travel tech platform TBO, co-working space provider Awfis and general insurance company Digit also received a nod from SEBI and got listed on the stock exchanges. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.
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Apple says it wants to spend more on suppliers in Vietnam
Economic Times
·
1y ago
Medial
Apple CEO Tim Cook has expressed a desire to increase the company's investment in Vietnam, a key manufacturing hub for the tech giant. Cook's statement came during a meeting with Vietnamese Prime Minister Pham Minh Chinh, who pledged to establish a working group to support Apple's investment. Additionally, Apple announced plans to increase spending on suppliers in Vietnam, reaching around $15.84 billion and creating 200,000 jobs. The company manufactures various products in Vietnam, including iPads and AirPods, and its suppliers, such as Foxconn, are investing in the country.
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Top US chipmakers, tech firms to attend Vietnam meeting as Biden visits
Economic Times
·
1y ago
Medial
Top U.S. semiconductor and digital companies, including Intel, GlobalFoundries, and Google, are expected to attend a business meeting in Hanoi as President Joe Biden visits Vietnam. The meeting aims to boost Vietnam's role in chipmaking, part of the U.S. strategy to reduce exposure to China-linked risks. Executives from Google, Intel, Amkor, Marvell, GlobalFoundries, and Boeing are expected attendees. The meeting will focus on semiconductors, and several companies on the list have already invested in Vietnam. Discussions may include AI collaboration, and Boeing may announce a deal involving 50 of its 737 MAX jets.
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