GIC-backed games startup aims for Vietnam's first IPO abroad

(May 30): Communist-led Vietnam may soon have its first technology company go public in the US.

VNG Corp., a game developer whose investors include Goldman Sachs Group Inc. and GIC, signed a memorandum of understanding to list on the Nasdaq Stock Market after regulatory approval from the Vietnam government, co-founder and Chief Executive Officer Le Hong Minh said. The process could take 18 to 24 months, he said.

“No Vietnamese company has ever filed for an IPO overseas,” he said in a Skype interview from New York City. “We are anticipating it will be a challenging process.”

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