VinFast Auto Ltd. soared in its debut Tuesday as a public company, vaulting its market capitalization beyond that of General Motors and Ford Motor Co., as traders flipped shares of the electric-vehicle maker, Bloomberg reports.
The Vietnamese company, which went public in a deal with Black Spade Acquisition, is worth about $85 billion after shares soared on the opening day of trading, rising to $37.06 — up more than 270% from the SPAC’s IPO price and more than tripling the deal’s $23 billion implied equity value. Read more.
