DMX IPO Sells 93% of Shares, Raises VND 13,300B at VND 80,000/Share

Overview

Dien May Xanh (DMX), the electronics retail arm of MWG Group, completed its initial public offering (IPO) on the Ho Chi Minh City Stock Exchange (HoSE) but sold only 93% of the offered shares, leaving about 7.5% unsold. The company raised approximately VND 13,300 billion (USD 572 million) at VND 80,000 per share. The IPO attracted nearly 30 institutional investors representing about 60 funds, with foreign institutions accounting for 73% of subscriptions.

Key Facts

• DMX offered 179.5 million shares in its IPO; investors subscribed to 166 million shares (93% of the total).
• The IPO price was VND 80,000 per share, raising VND 13,300 billion (USD 572 million).
• Approximately 14 million shares (7.5% of the offering) remained unsold.
• Nearly 30 institutional investors (representing about 60 funds) participated, with foreign institutions taking 73% of subscribed shares and domestic institutions 17%.
• Post-IPO, DMX’s outstanding shares will increase to over 1.28 billion, implying a market capitalization of over VND 100,000 billion (USD 3.9 billion) at the IPO price.
• DMX plans to list on HoSE in August 2026.
• In the first five months of 2026, DMX reported consolidated revenue of VND 54,644 billion, up 33% year-on-year, achieving about 45% of its full-year target.

What Happened

Dien May Xanh (DMX) announced the results of its initial public offering, revealing that while the offering was largely successful, it did not fully sell out. Of the 179.5 million shares approved for sale by the State Securities Commission, investors subscribed to 166 million shares, or 93%. The remaining 14 million shares (7.5%) were not taken up. The company raised VND 13,300 billion at VND 80,000 per share, slightly below the maximum potential of VND 14,360 billion if fully subscribed.

The IPO saw strong institutional interest, with nearly 30 institutional investors representing about 60 funds participating. Foreign institutions dominated, accounting for 73% of subscriptions, while domestic institutions took 17%. Retail investors were not mentioned in the breakdown. The company stated that the offering was one of the largest IPOs in Vietnam in 2026.

Market Context

DMX is the electronics retail subsidiary of Mobile World Group (MWG), listed on HoSE. The IPO comes amid a competitive retail landscape in Vietnam, with DMX operating chains including Dien May Xanh, The Gioi Di Dong, and TopZone. The company’s revenue grew 33% in the first five months of 2026, driven by strong sales of Apple products and air conditioners. The partial sell-out may reflect cautious investor sentiment given the large deal size and market conditions. DMX’s listing on HoSE in August 2026 will provide a new liquid stock in the retail sector.

Strategic Significance

The IPO proceeds will strengthen DMX’s balance sheet and fund expansion, including its Indonesian joint venture Erablue, which targets 500 stores by 2027. The strong foreign institutional participation (73%) indicates international interest in Vietnam’s consumer electronics market. However, the 7.5% unsold portion suggests that demand was not overwhelming at the VND 80,000 price, possibly due to valuation concerns or market timing. The listing will provide a benchmark for valuing other Vietnamese retail IPOs.

What to Watch

• Listing date on HoSE (expected August 2026) and first-day trading performance.
• Q2 2026 earnings release to assess revenue and profit trends.
• Progress of Erablue’s store expansion in Indonesia toward the 500-store target by 2027.
• Any follow-on share sales or secondary offerings by existing shareholders.
• Market reaction to the unsold shares and potential price adjustments post-listing.