VinFast, an electric vehicle maker backed by Vietnam’s richest man, is considering launching its US initial public offering as soon as the second quarter this year, according to people familiar with the matter.

The unit of conglomerate Vingroup JSC, founded by Pham Nhat Vuong, has been working with banks including JPMorgan Chase & Co. and Citigroup Inc. on its listing plans, according to a filing in December.

VinFast could raise at least US$1 billion but it could also be more depending on interest, Bloomberg News reported in November.

No final decision has been made on VinFast’s IPO and details including timeline could still change, the people said, who asked not to be identified as the information is private. A representative for VinFast declined to comment.

VinFast’s first-time share sale plans have been percolating for almost two years. Bloomberg News first reported in early 2021 that Vingroup was considering a $2 billion US IPO for the EV maker. The company in April filed confidentially for the listing.

The company delayed its December vehicle deliveries to its US customers to this month, citing holidays in America. It plans to roll out EVs in Canada and Europe in early 2023.

VinFast said in July that it had signed agreements with banks to raise at least $4 billion to help its US expansion and had about 73,000 global reservations for its EVs. Vuong, Vingroup’s founder and chairman, has a net worth of about $4.3 billion, according to the Bloomberg Billionaires Index.

 – Bloomberg