Vietnam-based electric-vehicle maker VinFast mentioned on Tuesday it has filed for an preliminary public providing in america and plans to checklist its extraordinary shares on the Nasdaq below the ticker image “VFS”.

For the IPO, the corporate mentioned it’s going to convert to a Singapore public restricted firm and will likely be often known as VinFast Auto Ltd., whereas the variety of shares to be provided and the value vary for the proposed providing haven’t but been decided.

Whereas no time-frame was specified on Tuesday for the providing, the IPO was initially slated for the fourth quarter of this yr, the corporate had beforehand mentioned.

The corporate’s dad or mum, Vingroup conglomerate, mentioned in Could that the IPO perhaps delayed to 2023 because of market uncertainty.
 

VinFast, which started operations in 2019, is betting huge on the U.S. market, the place it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing mannequin that may cut back the automobile buy worth.

In April, VinFast’s Singapore-based holding firm filed for a confidential IPO with U.S. securities regulators, because it readied a $4-billion funding to construct a manufacturing facility in america.

The corporate in late November shipped its first batch of 999 automobiles to america, capping a five-year bid to develop an auto manufacturing hub in Vietnam for markets in North America and Europe.