GSM, formally known as Green and Smart Mobility JSC, is aiming for a market capitalization between $2 billion and $3 billion through an initial stock offering potentially occurring in late 2026 or early 2027, sources revealed. One source stated the company anticipates generating at least $200 million, while another mentioned the valuation will consider indebtedness. Both sources requested anonymity because of confidentiality matters.
Vingroup, the entity behind GSM Communications and VinFast, verified the IPO strategies but indicated that specifics regarding the timeline and venue would be revealed at a later date. While the company didn’t specify a precise number, it conveyed that GSM’s projected worth would significantly exceed $3 billion.
The IPO intentions, which are presently tentative and subject to postponement, would represent Vingroup’s second foreign listing following electric car manufacturer VinFast's IPO on Nasdaq in 2023. GSM has conducted preliminary discussions with prospective consultants and might designate them as early as the initial quarter of 2026, according to sources.
GSM was established in 2023 by Vingroup and VinFast Chairman Pham Nhat Vion and manages Vietnam's most extensive network of purely electric cabs under the Xanh SM brand, utilizing exclusively VinFast vehicles.
This tactic bolstered VinFast's in-house sales and empowered GSM to grow without depending on external suppliers. VinFast's sales to GSM as of the third trimester of 2025 comprised 26% of the overall volume, a decrease from 72% in 2023.
Even though Pham Nhat Viong had previously communicated his intention to list GSM on an overseas exchange, specifics concerning the possible exchange platform, offering scale, valuation, and timing are being disclosed for the first time.
Insiders indicate that the IPO schedule and prospective market value might be recalibrated based on market dynamics and business approach.
As per a second insider, a listing in Hong Kong could deliver greater liquidity and amplified investor enthusiasm for entities within the electric vehicle and mobility industries compared to Singapore or Nasdaq, where VinFast has encountered liquidity issues.
VinFast, whose shares have been traded on Nasdaq since 2023, has been struggling with insufficient liquidity because of a limited proportion of shares available for public trading.
If realized, a Hong Kong listing would aid in funding GSM’s regional growth, solidify its stance in the highly competitive Southeast Asian arena, and alleviate the economic pressure on Vingroup and Pham Nhat Viện amidst VinFast’s ongoing growth and developmental outlays.
Source: Reuters