Vietnam's Masan eyes international IPO for retail unit in 2023-2024

Vietnamese conglomerate Masan said on Monday it was considering launching an international initial public offering for its consumer retail unit The CrownX in 2023-2024 after raising a further $350 million from a consortium of investors.

The consortium of investors comprised private equity firm TPG, Platinum Orchid, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and Temasek-owned SeaTown Master Fund, Masan said in a statement.

The CrownX, Vietnam's biggest retail company, was formed through a merger of Vingroup's retail units and high-tech farms with Masan's food and beverage unit in 2019.

According to Masan, the post-investment valuation of The CrownX is $8.2