VinFast soared in its debut as a public company, vaulting its market capitalization beyond that of General Motors and Ford Motor, as traders flipped shares of the electric-vehicle maker.
The Vietnamese company, which went public in a SPAC deal, is worth about $85 billion after shares soared Tuesday, rising to $37.06 in New York — up more than 270 percent from the SPAC’s IPO price and more than tripling the deal’s $23 billion implied equity value.
VinFast debuted on the Nasdaq Global Select Market under the symbol VFS to a flurry of trading and volatility halts after completing a merger with special-purpose acquisition company Black Spade Acquisition.
The share surge from the closing price of the SPAC on Monday makes the company the top performing de-SPAC to debut this year on a U.S. exchange.
The massive valuation makes VinFast worth more than BMW, and more than Ford and Rivian combined on paper in terms of market capitalization but lagging BYD’s market value.