GSM Plans $2-3 Billion Hong Kong IPO by 2027 in Potential First Vietnamese Listing
Green and Smart Mobility JSC (GSM), Vietnam's largest electric taxi operator, is planning a Hong Kong IPO for late 2026 to early 2027. The company aims to raise at least $200 million with a target valuation of $2-3 billion. GSM, founded in 2023 by Vingroup, operates the Xanh SM brand and has a significant market share in Vietnam's ride-hailing sector. The company has expanded operations to Laos, Indonesia, and the Philippines, with plans to enter India. This IPO would mark the first by a Vietnamese company on the Hong Kong Stock Exchange.
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Green and Smart Mobility JSC (GSM), Vietnam's largest electric taxi operator under the Vingroup umbrella, is preparing for a potential Hong Kong initial public offering that could mark a significant milestone as the first IPO in the city by a Vietnamese company. The ambitious listing plan targets a valuation between $2-3 billion and is scheduled for late 2026 to early 2027.
IPO Details and Timeline
According to sources familiar with the matter, GSM aims to raise at least $200 million through the offering, with the valuation figure including debt. The company has reportedly begun preliminary discussions with potential advisers and could formally appoint them as early as the first quarter of 2026.
| Parameter | Details |
|---|---|
| Target Valuation | $2-3 billion |
| Fundraising Goal | At least $200 million |
| Timeline | Late 2026 to early 2027 |
| Listing Venue | Hong Kong Stock Exchange |
| Adviser Appointment | Q1 2026 (potential) |
The IPO plan remains tentative and could be adjusted based on market conditions and corporate strategy. This would represent Vingroup's second overseas listing following electric vehicle manufacturer VinFast's Nasdaq debut in 2023.
Business Operations and Market Position
Founded in 2023 by Vingroup and VinFast head Pham Nhat Vuong, GSM operates Vietnam's largest all-electric taxi fleet under the Xanh SM brand. The company maintains an exclusive partnership with VinFast for its vehicle supply, creating synergies within the Vingroup ecosystem.
This strategic relationship has significantly supported VinFast's domestic sales performance. VinFast's sales to GSM represented 26% of its total sales by the third quarter of 2025, though this figure has decreased from 72% in 2023 as VinFast diversified its customer base.
Market Share and Competition
GSM has established a strong presence in Vietnam's competitive ride-hailing market, though market share estimates vary between research firms:
| Company | Market Share (Mordor Intelligence) | Market Share (Rakuten Insight) |
|---|---|---|
| GSM | 40% | 35% |
| Grab | 32% | 55% |
The company's primary competitor in Vietnam is Grab, which also operates across multiple Southeast Asian markets.
Regional Expansion Strategy
GSM has pursued an aggressive international expansion strategy, establishing operations in several Southeast Asian markets:
- Laos: Operational presence established
- Indonesia: Market entry completed
- Philippines: Active operations
- India: Exploring potential market entry
Hong Kong Market Advantages
The choice of Hong Kong as the listing destination reflects strategic considerations for liquidity and investor appetite. Sources indicate that Hong Kong offers deeper liquidity and stronger investor interest in electric vehicle and mobility companies compared to other markets like Singapore or Nasdaq, where VinFast has faced liquidity challenges due to its small free float.
Hong Kong's equity capital markets have shown remarkable strength, raising approximately $75 billion so far this year—more than triple the previous year's total and the highest since 2021. The Hong Kong Stock Exchange has actively courted Southeast Asian and Middle Eastern companies for listings, making it an attractive destination for GSM's debut.
Strategic Implications
A successful Hong Kong listing would provide GSM with capital to fund its regional growth ambitions and strengthen its competitive position in Southeast Asia's dynamic mobility market. The fundraising would also help alleviate financial pressures on parent company Vingroup and founder Vuong as VinFast continues its capital-intensive expansion and development initiatives.
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