DMX IPO: Dien May Xanh Targets $574M Raise, CEO Calls Valuation 'Too Cheap'

Overview

Dien May Xanh (DMX), Vietnam’s leading electronics retailer, is set to IPO 179.5 million shares at VND 80,000 per share, raising VND 14,360 billion (approximately USD 574 million). The listing is expected in early August 2026. CEO Doan Van Hieu Em has expressed confidence that the company will exceed its 2026 targets, citing strong Q1 performance and a forward P/E of 10x, which he considers undervalued for the sector.

Key Facts

• DMX plans to offer 179.5 million common shares at VND 80,000 each, raising VND 14,360 billion (~USD 574 million).
• Pre-IPO valuation is approximately USD 3.35 billion.
• The IPO is expected to close in July 2026, with listing on HOSE in early August.
• DMX will pay a cash dividend of VND 4,000 per share (5% yield on IPO price) immediately after listing.
• 2026 targets: revenue of VND 122,500 billion and net profit of VND 7,350 billion, up ~15% and ~20% YoY respectively.
• Q1 2026 revenue reached VND 32,400 billion (+33% YoY), net profit VND 2,218 billion (+49% YoY).
• CEO projects forward P/E for 2026 at 10x, below the initial estimate of 12x, citing likely outperformance.

What Happened

On May 27, 2026, Dien May Xanh (DMX) held an IPO roadshow themed “billion-dollar deal,” attracting significant investor interest. CEO Doan Van Hieu Em announced the IPO of 179.5 million shares at VND 80,000 each, with listing targeted for early August. The company will pay a cash dividend of VND 4,000 per share immediately after listing, representing a 5% yield on the IPO price.

For 2026, DMX targets revenue of VND 122,500 billion and net profit of VND 7,350 billion, representing growth of 15% and 20% respectively. However, CEO Em expressed confidence in exceeding these targets, citing strong Q1 results: revenue of VND 32,400 billion (+33% YoY) and net profit of VND 2,218 billion (+49% YoY). He noted that the forward P/E for 2026 could fall to 10x, which he considers “too low, too cheap” for the electronics retail sector.

Market Context

DMX is the dominant player in Vietnam’s electronics retail market, with a leading market share. The company operates multiple chains and has benefited from strong consumer demand. The IPO comes at a time when the Vietnamese stock market has seen increased retail investor participation, and new listings often attract significant attention. DMX’s forward P/E of 10x compares favorably to regional peers, though the electronics retail sector faces cyclical risks and competition from e-commerce. The company will list on HOSE, Vietnam’s main exchange.

Strategic Significance

The IPO will provide DMX with substantial capital to expand its store network, invest in technology, and potentially pursue M&A. The company sees long-term growth potential driven by an AI-led replacement cycle, projecting the Vietnamese electronics retail market to reach USD 15 billion by 2030 (CAGR 8.2%). DMX targets revenue of VND 182,000 billion and net profit of VND 13,000 billion by 2030 (CAGR 11% and 16% respectively). The IPO and strong Q1 performance position DMX for a new growth phase, though execution and market saturation risks remain.

What to Watch

• Final IPO subscription and allocation details in July 2026.
• Listing date and first-day price performance on HOSE.
• Q2 2026 earnings release to confirm growth trajectory.
• Competitive response from rivals and e-commerce platforms.
• Dividend payout schedule and future capital allocation plans.