Dien May Xanh (DMX) IPO Approved: 80,000 VND/Share, Aims to Raise $574M

Overview

Dien May Xanh (DMX), the electronics retail subsidiary of Mobile World Group (MWG), has received official approval from the State Securities Commission (SSC) for its initial public offering (IPO). The company will offer over 179.5 million shares at 80,000 VND/share, aiming to raise approximately 14,360 billion VND ($574.4 million). DMX reported strong Q1 2026 results with revenue and net profit growth of 30% and 49% year-on-year, respectively, and plans a 40% cash dividend for 2026.

Key Facts

• IPO price set at 80,000 VND per share, offering 179.5 million shares.
• Expected total proceeds: ~14,360 billion VND ($574.4 million).
• Post-IPO market capitalization: ~102,460 billion VND ($4.1 billion).
• Q1 2026 net profit: 2,219 billion VND, up 49% YoY, achieving 30.2% of full-year target.
• 2026 cash dividend plan: 40% of par value (4,000 VND/share), implying a 5% yield at IPO price.
• Vietcap Securities is the lead advisor and distributor.
• DMX contributes ~80% of MWG’s net profit, according to the prospectus.

What Happened

Dien May Xanh (DMX) has officially received the certificate of share offering from the State Securities Commission, marking a major milestone for the electronics retailer. According to the approved plan, DMX will offer over 179.5 million common shares to the public at 80,000 VND per share. Vietcap Securities acts as the lead advisor and distributor. If fully subscribed, the IPO will raise approximately 14,360 billion VND, making it the largest IPO in Vietnam in the last five years.

The company’s prospectus states that the offering aims to enhance transparency, brand recognition, and access to diverse capital sources to fund growth strategies. DMX also reported strong Q1 2026 financial results, with revenue and net profit growing 30% and 49% year-on-year, respectively. Net profit reached 2,219 billion VND, completing 30.2% of the full-year target in just three months.

Market Context

DMX’s IPO comes at a time when the Vietnamese stock market has seen a scarcity of high-quality listings. As the electronics retail arm of MWG (listed on HOSE), DMX is viewed as the financial backbone of the MWG ecosystem, contributing approximately 80% of the group’s net profit. MWG shares closed at 79,500 VND on May 21, 2026, up 2.98% on volume of 6.6 million shares, reflecting positive market sentiment ahead of the DMX listing. DMX is expected to qualify for the VN30 index after six months of listing.

Strategic Significance

The DMX IPO provides investors with direct exposure to Vietnam’s leading electronics retailer, which has demonstrated strong operational performance and cash generation. The company’s commitment to a minimum 50% dividend payout ratio of net profit underscores its focus on shareholder returns. With a projected 2026 P/E of approximately 10x based on Vietcap’s net profit forecast of 9,324 billion VND, the valuation appears attractive relative to regional peers. The IPO also strengthens MWG’s capital structure by monetizing its core asset.

What to Watch

• Subscription rate and institutional demand during the IPO bookbuilding period.
• DMX’s post-IPO trading debut and price performance relative to the IPO price.
• Q2 2026 earnings release to confirm sustained growth momentum.
• Progress on DMX’s expansion plans and market share gains in the electronics retail sector.
• Any potential impact on MWG’s consolidated financials post-IPO, given DMX’s profit contribution.