F88 raises $47m ahead of its planned Vietnam IPO

F88 raises $47m ahead of its planned Vietnam IPO

F88 Investment, a financial services firm, has raised $47m from Vietnam-Oman Investment Fund, or VOI, and Mekong Capital Fund IV, to fuel expansions of its distribution network and digital business ahead of a planned initial public offering. VOI, established in 2008 by Oman Investment Authority and the State Capital Investment Corporation of Vietnam, led the raising of the syndicated capital funds, F88’s chairman and chief executive officer Phung Anh Tuan said in an interview. The Hanoi-based company offers small loans primarily backed by vehicles as collateral and provides financial services, such as insurance and money transfers. F88 is looking for alternative financing sources for expansion plans, Tuan said. The company aims to raise about VND8tn ($336m) this year through issuances of corporate bonds and loans from international funds, he added. F88 expects to issue about VND1tn of bonds to the public in 2023 after getting approval from the State Securities Commission, Tuan said, adding that the plan can change. The company plans to find a strategic investor, preferably one from overseas, for its pre-IPO by the end of the year, Tuan said. F88 targets a market capitalisation of about $1bn after its planned 2024 listing on the Ho Chi Minh