Allen & Overy is advising Vietnamese internet company VNG on its planned IPO on the Nasdaq, with Skadden, Arps, Slate, Meagher & Flom and Vilaf acting for the underwriters. The listing is expected to raise $150 million.

The IPO will make VNG the first technology firm from Vietnam to list in the U.S., Reuters reported, adding that proceeds will be used for general corporate purposes, repayment of outstanding borrowings and donations, among others.

Founded in 2004, VNG is Vietnam's first unicorn, with its businesses including online games, payments, cloud services, and the country's most popular messaging app, Zalo.

The VNG IPO is set to come shortly after Vietnamese EV maker VinFast made its debut on the New York Stock Exchange via a SPAC merger.