VinFast shares have increased 700% since the company’s debut 14 days ago.
Since making their Nasdaq debut on August 15, the shares of Vietnamese automaker VinFast have increased by about 700% in just 14 days. VinFast has a market capitalization of $190 billion and is the third most valuable carmaker in the world as of Monday’s closing price of $82.35 per share, an increase of 19.75%. VinFast shares increased the company’s market value by about $33 billion on Monday at the day’s high.
In just ten trading sessions, the market capitalization of VinFast has surpassed $200 billion. Tesla reached the same market capitalization in just under 3,600 sessions, whereas it took Nvidia 7,700 sessions to reach this level.
The Special Purpose Acquisition Company (SPAC) combination with the blank-check business Black Spade Acquisition Co., established by casino mogul Lawrence Ho, allowed the Vietnamese Automaker to go public on August 15.
A Special Purpose Acquisition firm (SPAC) is a specific kind of investment vehicle designed to raise money through an IPO in order to buy a private firm. Given that they do not have a specific acquisition target in mind, they are referred to as “blank-check” corporations.
