GSM Plans Hong Kong IPO Targeting Two to Three Billion Dollars
GSM, owned by Vingroup, plans a Hong Kong IPO aiming for a $2-3 billion valuation by 2026. This marks the first Southeast Asian firm to consider such a listing in Hong Kong.
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GSM, officially known as Green and Smart Mobility JSC and part of Vingroup, has announced plans to pursue an initial public offering in Hong Kong. The electric-vehicle taxi operator is targeting a valuation of $2 billion to $3 billion, with the IPO tentatively scheduled for late 2026 to early 2027. This development is significant as it represents the first potential IPO by a Southeast Asian firm in Hong Kong, a market that raised approximately $75 billion in equity capital in 2025, more than triple the prior year.
GSM operates Vietnam's largest all-electric taxi fleet under the Xanh SM brand, exclusively using vehicles from VinFast Auto Ltd. . The IPO aims to raise at least $200 million, providing capital for GSM's regional expansion into markets such as Laos 
LA, Indonesia 
ID, the Philippines 
PH, and potentially India 
IN. This strategic move is seen as a way to alleviate financial pressures on its parent company, Vingroup, as VinFast continues its costly international expansion.
LA, Indonesia ID, the Philippines PH, and potentially India IN. This strategic move is seen as a way to alleviate financial pressures on its parent company, Vingroup, as VinFast continues its costly international expansion.
