Dien May Xanh (DMX) IPO Approved: 179.5M Shares at 80,000 VND, Raising $574M

Overview

Dien May Xanh (DMX), the electronics retail subsidiary of Mobile World Group (MWG), has received approval from the State Securities Commission (SSC) for its initial public offering (IPO) of over 179.5 million shares at 80,000 VND each. The deal is expected to raise approximately 14,360 billion VND ($574 million), making it the largest IPO in Vietnam in five years. DMX also announced a 40% cash dividend for 2026, implying a 5% yield at the IPO price, and committed to a minimum 50% payout ratio going forward.

Key Facts

• DMX received SSC approval to offer 179.5 million common shares at 80,000 VND per share.
• The IPO is expected to raise approximately 14,360 billion VND ($574 million), the largest IPO in Vietnam in the last five years.
• Post-IPO, DMX’s charter capital will increase from 11,012.8 billion VND to 12,807.8 billion VND.
• The company announced a 40% cash dividend for 2026, equivalent to 4,000 VND per share, implying a 5% yield at the IPO price.
• DMX committed to a minimum 50% payout ratio of after-tax profit for cash dividends annually.
• Vietcap Securities is the lead advisor and distributor for the IPO.
• DMX targets 11% revenue CAGR and 16% net profit CAGR through 2030.

What Happened

Dien May Xanh (DMX) officially received the certificate of offering from the State Securities Commission, marking the entry of a major electronics retailer onto the stock exchange. The company plans to sell over 179.5 million common shares to the public at 80,000 VND per share. Vietcap Securities acts as the lead advisor and distributor. According to the prospectus, the IPO aims to increase transparency, brand reputation, and access to diverse capital sources to support growth strategy.

DMX is considered the financial backbone of MWG, contributing up to 80% of MWG’s profit. The company’s free cash flow is projected at 6,877 billion VND in 2026. DMX also committed to a minimum 50% payout ratio of after-tax profit for cash dividends annually, positioning itself as a sustainable income-generating asset for shareholders.

Market Context

MWG closed at 79,500 VND on May 21, 2026, up 2.98% with volume of 6.6 million shares. The IPO comes as Vietnam’s retail sector shows resilience, with electronics retail being a key growth driver. DMX’s listing on HOSE (expected after the IPO) could see it qualify for the VN30 index after six months of trading, given its projected market cap of over 102,460 billion VND ($4.1 billion). The IPO is the largest in five years, signaling strong investor appetite for high-quality retail assets.

Strategic Significance

The IPO unlocks value for MWG shareholders by separately listing its most profitable subsidiary, DMX, which contributes 80% of MWG’s profit. This allows the market to directly value the electronics retail business, potentially leading to a higher combined valuation for MWG and DMX. The 40% cash dividend and minimum 50% payout ratio underscore DMX’s strong cash generation and commitment to shareholder returns. The IPO proceeds will strengthen DMX’s balance sheet, supporting its growth targets of 11% revenue CAGR and 16% net profit CAGR through 2030.

What to Watch

• Final IPO pricing and subscription demand, especially from foreign investors.
• DMX’s listing date and first-day trading performance on HOSE.
• MWG’s Q2 2026 earnings to assess DMX’s contribution and any impact from the IPO.
• DMX’s ability to meet its 2026 dividend commitment and long-term growth targets.
• Potential inclusion in the VN30 index after six months of listing.