VinFast Auto Ltd. soared in its debut as a public company, vaulting its market capitalization beyond that of GM and Ford, at least at the outset.
Automotive Inc. combined on paper in terms of market capitalization, lagging BYD Co Ltd’s market value.
However, it should be noted that VinFast is a low-float company. There’s a small amount of shares available for trading — just 1.3 million shares of the SPAC remain after redemptions — which means the stock’s move and value are prone to large swings. Regulatory filings show Pham Nhat Vuong, Vietnam’s wealthiest man and VinFast’s founder, controls about 99% of the entity, partly via shares held by his wife and Vingroup JSC. That means the vast majority of shares are locked up and unavailable to investors who would have gained from Tuesday’s rally.
Additionally, companies that merge with"blank check" firms tend to experience rallies that fizzle out a few trading sessions after a deal closes, when social media buzz subsides. De-SPACs that have made their debut this year have seen a median slump of about 45%, with 18 of them wiping out more than 70% of their value, according to data compiled by Bloomberg.
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