GSM eyes Hong Kong IPO at up to $3 billion valuation: sources

Vietnamese electric-vehicle taxi operator GSM, part of the Vingroup stable of companies, plans to list in Hong Kong in what could be the first IPO in the city by a firm from the Southeast Asian nation, two sources said.

- YANTOULTRA NGUI PHUONG NGUYEN

A VinFast electric taxi operated by GSM, on a street in Hanoi last year.

(PHOTO: REUTERS)

GSM, officially known as Green and Smart Mobility JSC, is targeting a valuation of $2 billion to $3 billion in the initial public offering that could take place in late 2026 or early 2027, the sources said.

One of the sources added that GSM aimed to raise at least $200 million and the other said the valuation would include debt. Both declined to be identified because the information is confidential.

The IPO plan, which is still tentative and could be shelved, would mark Vingroup's second overseas listing after electric-vehicle maker VinFast's Nasdaq IPO in 2023.

GSM has held preliminary talks with potential advisers about the IPO and could appoint them as early as the first quarter of 2026, the sources said.