Dien May Xanh (DMX) Plans Record IPO of 180M Shares at 80,000 VND Each

Overview

Dien May Xanh (DMX), a leading electronics retailer, has received approval from the State Securities Commission for a major IPO of 180 million shares at 80,000 VND per share, raising about 14,360 billion VND. The post-IPO market capitalization is estimated at over 102,460 billion VND, potentially making DMX a candidate for the VN30 index upon listing, expected in August. This IPO is the largest in Vietnam in several years and highlights the third wave of IPOs hitting the market.

Key Facts

• DMX plans to offer 180 million shares at 80,000 VND each, raising approximately 14,360 billion VND (USD 574.4 million).
• Post-IPO charter capital will increase from 11,013 billion VND to 12,808 billion VND.
• Post-IPO market capitalization is estimated at over 102,460 billion VND (USD 4.1 billion).
• Listing is expected in August 2025, with potential inclusion in the VN30 index.
• The IPO is the largest in Vietnam in recent years, surpassing other notable deals such as LPBS (expected ~4,300 billion VND).
• The IPO is part of Vietnam’s third wave of IPOs, following waves in 2007-2009 and 2017-2018.
• Regulatory changes under Decree 245/2025/ND-CP have shortened the IPO-to-listing timeline from 90-120 days to 30 days.

What Happened

Dien May Xanh (DMX) has received approval from the State Securities Commission for its IPO plan, as reported in Vietnamese media. The company will offer nearly 180 million shares at 80,000 VND each, aiming to raise about 14,360 billion VND. After the IPO, DMX’s charter capital will rise to 12,808 billion VND, and its market capitalization will exceed 102,460 billion VND, making it one of the most valuable listings in years.

The IPO is part of a broader third wave of IPOs in Vietnam, which includes other notable names such as LPBS, DatVietVAC (producer of “Anh trai say hi”), and Highlands Coffee. Unlike previous waves dominated by financials, the current wave features greater sector diversity, including retail, entertainment, and agriculture. The market context is favorable, with the VN-Index near historic highs around 1,900 points and Vietnam’s recent upgrade to secondary emerging market status by FTSE Russell.

Market Context

DMX is currently listed on the UPCOM market under ticker DMX. The broader Vietnamese equity market has been near all-time highs, with the VN-Index trading around 1,900 points. The IPO wave comes amid improved liquidity and foreign investor interest, supported by the FTSE Russell upgrade. DMX’s potential inclusion in the VN30 index would likely attract passive fund flows and increase institutional ownership. The retail sector has been a bright spot, driven by consumer spending recovery, and DMX’s dominant position in electronics retail positions it well.

Strategic Significance

DMX’s IPO is strategically significant as it provides a rare large-cap retail pure play in Vietnam’s equity market. The company’s strong brand recognition and extensive store network offer a direct exposure to domestic consumption trends. The successful IPO and subsequent listing could set a benchmark for other large private enterprises considering going public. Additionally, the shortened IPO-to-listing timeline under Decree 245/2025/ND-CP reduces execution risk and improves market access for issuers. For investors, DMX represents a high-quality consumer discretionary name that could enhance portfolio diversification.

What to Watch

• Final listing date on HOSE, expected in August 2025.
• Subscription rate and institutional investor participation in the IPO.
• DMX’s post-IPO financial disclosures, including Q2 2025 earnings.
• Potential inclusion in the VN30 index during the next review.
• Regulatory developments under Decree 245/2025/ND-CP affecting future IPOs.