(Bloomberg) -- Mekong Capital Ltd.-backed F88 Co. targets a market capitalization of about $1 billion at its planned 2024 listing, Phung Anh Tuan, chairman and chief executive officer, said in an interview.
The Hanoi-based company, which offers small loans primarily backed by vehicles as collateral and provides financial services such as insurance and money transfers, expects to list shares on the Ho Chi Minh City Stock Exchange, Tuan said.
F88 is also in talks with potential strategic partners, Tuan said, without providing further details. In addition to Mekong Capital, the company currently has one other investor, Granite Oak Advisors Ltd.
F88 plans to increase its nationwide stores to 800 by the end of this year from 521 at the end of 2021, the CEO said. Besides its branded stores, F88 will continue expanding through partnerships with leading retailers and technology companies, he added.
The company last year partnered with Mobile World Investment Corp. to offer cash loans of no more than 10 million dong ($438). F88 aims to have services in more than 3,000 partner stores nationwide this year, Tuan said. F88 also entered into a partnership with CIMB Bank Vietnam late last year to provide financial services to underbanked Vietnamese communities.
To fuel the company's growth plans, F88 is looking to raise about 4 trillion dong this year by issuing bonds or borrowing from international funds, Tuan said.
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