An auto assembly line of VinFast in Hải Phòng City. The company's shares soared more than 68 per cent on the first trading day in the US market. VNA/VNS Photo
Shares of VinFast Auto Pte Ltd. (VinFast) saw a spectacular and explosive session on the first trading day on the NASDAQ stock exchange.
The ticker symbol VFS wrapped up at US$37.06 per share at the end of the US trading session on August 15, a gain of 68.4 per cent from the initial price of $22. In the first session, the matching volume was roughly 6.8 million shares.
With this figure, the market capitalisation of this electric car company after the first trading session in the United States reached $85.5 billion, 3.7 times greater than the initial valuation of $23 billion and more than three times the contract re-valuation with Black Spade.
VinFast is now among the top five global automakers with the highest capitalisation thanks to the soaring capitalisation value. The company's market value even exceeds that of renowned automakers, including Mercedes-Benz, BMW, Volkswagen, Honda, and Ford.
VinFast officially joined the biggest stock market on Tuesday night (local time) after completing the merger deal with Black Spade.
It also surpassed Tesla to become the second-largest electric vehicle manufacturer by market capitalisation.
The listing on the Nasdaq stock exchange helps bring VinFast into the Vingroup ecosystem's list of billion-dollar members by market capitalisation.
On the domestic market, Vingroup's market capitalisation was around $11.2 billion at the close of Tuesday's session. Vinhomes was valued at approximately $11.4 billion, while Vincom Retail was at $3 billion. — VNS