Vietnam’s e-commerce logistics startup aims to file for IPO on New York Stock Exchange
BAce Capital-backed Loship, Vietnam’s leading one-hour delivery e-commerce startup, targets to become the first Vietnamese delivery to list on the New York Stock Exchange by 2024, local media reported.
Earlier this month, Loship, confirmed its $12 million pre-series C funding round co-led by BAce Capital, an Ant Group-backed venture capital firm, and Sun Hung Kai & Co., Ltd., a leading alternative investment company listed in Hong Kong, China.
Other investors participating in the round include MetaPlanet Holdings, Wealth Well, Prism Ventures, and SQ Capital Group, along with a plethora of individual investors.
Related: Delivery startup Loship raises $12 mln from foreign investment fund
Amid the pandemic-led downturn, Loship has shown resilience and come out stronger from the crisis. The round comes on the heels of Loship’s undisclosed bridge funding round in February 2021 led by Skype co-founder backed MetaPlanet Holdings.
“The initial public offering (IPO) is one of the key milestones we want to achieve in the next three years. We hope to debut on the New York Stock Exchange by 2024, after reaching profitability. A successful IPO will fuel our future growth, create an exit option for investors, and help employees to realize their employee stock ownership plan.” Nguyen Trung Hoang, co-founder cum CEO of Loship, told reporter.
“As a young Vietnamese entrepreneur, I dare to dream big. Funding rounds shouldn’t be the sole goal of startups – we need to aim at exit strategies to further increase our value,” Nguyen Trung Hoang added.
For the New York Stock Exchange, listing requirements comprise the various criteria and minimum standards established by stock exchanges to allow membership in the exchange. Only if an exchange’s listing requirements are met can a company list shares for trading.
The requirements typically measure the size and market share of the security to be listed, and the underlying financial viability of the issuing firm. Exchanges establish these standards as a means of maintaining their own reputation and visibility.
When asking to be listed a firm will have to prove to an exchange that they meet the listing requirements. Because major stock exchanges provide a high amount of visibility and liquidity for a security, trading firms have a strong incentive to meet the listing requirements. Once a security is listed, the issuing firm usually must maintain a set of related but less stringent trading requirements – otherwise, the security faces delisting. Being delisted does not carry any legal penalty; it merely results in expulsion from the exchange.
- Vietnam always pay attention to gender equality issues: senior official
- Phu Quoc Island isn’t ready to welcome vaccinated international travelers next month. Here’s why
- The prolonged COVID-19 pandemic hamper Vietnam’s growth
- Vietnam to facilitate US investment projects, says minister
- President Nguyen Xuan Phuc receives leaders of US enterprises in New York
Vietnam to facilitate US investment projects, says minister
President Nguyen Xuan Phuc receives leaders of US enterprises in New York
Fitch Ratings ranks PetroVietnam's Standalone Credit Profile at 'BB+'
Charity Work During The Pandemic: Humanity And Kindness Amidst Difficulties
Vietnamese airlines inked big jet-engine deals with U.S firms
Arlo Introduces Newest Addition To Its Award-Winning Pro Series With Pro 4 Spotlight Camera
Cryptocurrency and Millennials—The Perfect Match: An Expert Article by OctaFX
Curated Conscious Beauty Solutions Online Platform, Aardae, Launches In Singapore
Chen Zhi Scholarship Jointly Launched by Prince Group and Ministry of Education Youth and Sport to Prepare Cambodian University Students For Post-Pandemic Future
Cognian and Avnet Enter Strategic Engagement