The IPO is expected to take place in the third quarter, with the company likely to offer a 5-7 percent stake to secure a market capitalization of up to $4 billion, Reuters quoted its chairman, Trinh Van Quyet , as saying on Wednesday.
It is preparing for the issuance together with an international auditing firm and plans to list on the New York Stock Exchange.
Last month, Quyet had announced the airlines plans to list 105 million shares on either the Ho Chi Minh Stock Exchange or Hanoi Stock Exchange at an initial price of VND60,000 ($2.61), but on Wednesday he said that has now become “a backup plan.”
“The US IPO will be part of our efforts to expand our services globally.”
It expected to operate charter flights to the U.S. from July this year and thrice-weekly commercial flights from HCMC to San Francisco from September.
The airline has received a permit from the U.S. Department of Transportation to carry passengers and cargo to that country.
This year it also plans to expand its fleet from 30 aircraft to 40, and launch flights to other new destinations like Australia, Germany, Japan, and the U.K. if the Covid-19 pandemic is under control.
It currently flies on 60 domestic routes.
Last year, it carried over seven million passengers to account for a 20 percent market share, and hopes to increase it to 30 percent this year.