Playing the IPO game

I just read that Vietnamese automaker VinFast has just gone public via a SPAC. The initial price was at $23B and the shares jumped up to $85B Tuesday. Things have settled down a bit today but the company is now valued at more than VW, Ford, GM, and BMW.

It seems that speculation is still very much alive despite the pull back in the public markets. Given the recent public market debuts, investors seem to be willing to buy new public market entrants. That generally bodes well for the tech market as perhaps some companies are now more open to going public.

Of course, I don’t think many are expecting VinFast to keep trading at these levels, but who knows. For now, it seems like investors are willing to play the IPO game and there are a ton of companies in the IPO backlog. It’ll make an interesting next couple of months to close out the year.