VNG Corp., a Vietnamese online gaming firm backed by Singapore wealth fund GIC Pte, is considering raising fresh funds ahead of a potential U.S. listing, according to people familiar with the matter.
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The people said that the company, whose investors include Facebook co-founder Eduardo Saverin and Raj Ganguly's B Capital Group, is looking to raise $200 million to $300 million from both new and existing investors. They asked not to be identified because the information is private, so the company intends to use the proceeds to bolster its expansion plans.
People familiar with the matter said that a transaction could value VNG at $2 billion to $3 billion.
While a SPAC listing is still under consideration, the company is leaning towards an initial public offering in the US, an option that it has been exploring since at least 2017, the people said. The people said that VNG is restructuring the business to make it easier for a potential U.S. listing.
The people said that details such as the size of the round could be changed as discussions are ongoing. A VNG representative said the company actively engages with investors and stakeholders as part of its normal course of business, and was not willing to comment further.
VNG was founded in 2004 and offers online games, cloud computing, communication platforms, and finance and payments services. It has 11 offices in five countries.
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