Two sources reported that Vietnamese electric-vehicle taxi operator GSM, which is part of the Vingroup group of companies, intends to plan an IPO listing in Hong Kong, which might be the first IPO in the city by a company based in the Southeast Asian country.
It was stated that GSM, officially referred to as Green and Smart Mobility JSC, is aiming for a valuation of $2 billion to $3 billion in the initial public offering that might take place in late 2026 to early 2027.
One of the sources mentioned that GSM sought to raise at least $200 million, and the other one stated that the valuation would have $200 million of debt. Both refused to identify themselves since it is confidential information.
It is only a tentative IPO plan that may be postponed, but Vingroup would become the second company to be listed overseas, following the Nasdaq IPO of electric-vehicle manufacturer VinFast in 2023.
The sources indicated that GSM has already preliminarily discussed the IPO with would-be advisers and may have them on board as early as the first quarter of 2026. Vingroup, which manages communications of GSM and VinFast, refused to comment on the IPO plan.
GSM was established in 2023 by Pham Nhat Vuong, head of both Vingroup and VinFast, and runs the largest all-electric taxi fleet in Vietnam under the Xanh SM brand and operates exclusively on VinFast vehicles.
This plan has strengthened VinFast’s domestic sales allowed GSM to scale without depending on third-party suppliers. By the third quarter of 2025, VinFast is expected to sell 26 percent of its total to GSM, compared to 72 percent in 2023.
Although Vuong has mentioned before that he wants to get the overseas listing of GSM, this is the first occasion that some hints about potential destination, amount, valuation, and schedule were being outlined.
Therefore, the sources indicated that the schedule of the IPO could be changed depending on the market circumstances and corporate strategy.
The second source indicated that a Hong Kong listing would provide greater liquidity and investor interest in EV and mobility plays, compared to Singapore or Nasdaq, where VinFast was struggling with liquidity.
Meanwhile, VinFast, which has been listed on Nasdaq since 2023, has had a problem with thin liquidity associated with a small free float.
An effective Hong Kong listing would finance the regional expansion of GSM, enhance the competitiveness of its operations on the Southeast Asian market, and relieve the financial pressures on Vingroup and Vuong as VinFast pursues the costly expansion and development initiatives.
The prospective Hong Kong IPO would tap into a reviving market. LSEG data stated that Hong Kong captured Asian equity capital markets with approximately and so far, this year, it has raised a total of approximately $75 billion, which was more than three times compared to last year, and the highest since 2021.
Hong Kong is also making more concerted efforts to lure foreign issuers, and HKEX CEO Bonnie Chan indicated in June that the exchange is actively trying to entice second listings by Southeast Asia and Middle East companies.
Meanwhile, the listing would follow ride-hailing majors such as Uber, Lyft, Grab, and Indonesia’s GoTo. Grab is the nearest competitor of GSM in Vietnam.
Data provided by Indian research firm Mordor Intelligence revealed that GSM controlled approximately 40 percent of the ride-hailing market in Vietnam in the first quarter of this year, compared with 32 percent controlled by Grab.
Another survey by Rakuten indicates that the estimation of Grab’s share stood at 55 percent, and GSM at 35 percent. Vingroup did not include any financial information on GSM but mentioned that the company maintained a good momentum and consolidated its market leadership role.
Thus, GSM has also reached Laos, Indonesia, and the Philippines and is looking to make an entry into India.
