VinFast Auto Ltd. soared in its debut as a public company, vaulting its market capitalization beyond that of General Motors Co. and Ford Motor Co., as traders flipped shares of the electric vehicle maker.
The Vietnamese company, which went public after a SPAC deal, is worth about $65 billion as shares held onto gains Aug. 15, rising to $28.11 in New York — up nearly 190% from the SPAC’s IPO price and more than doubling the deal’s $23 billion implied equity value.
