DMX IPO Attracts 60 Funds, 93% Subscribed at VND 80,000/Share
This Aveluro analysis covers DMX on UPCOM in the Retail sector. The classified event type is ipo, with positive sentiment and a deterministic market-impact score of 6.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from VnExpress - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
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Overview
Dien May Xanh (DMX), a leading Vietnamese electronics and appliance retailer, has completed its initial public offering (IPO) with strong demand from institutional investors. Over 166 million shares were subscribed, representing 93% of the total offering, raising approximately VND 13,300 billion (USD 500 million). The company plans to list on the Ho Chi Minh Stock Exchange (HOSE) in August.
Key Facts
- IPO size: 166 million shares subscribed, 93% of the offering.
- IPO price: VND 80,000 per share.
- Total raised: approximately VND 13,300 billion (USD 500 million).
- Post-IPO market capitalization: over VND 100,000 billion (USD 3.9 billion).
- Nearly 60 investment funds participated, including 30 institutional investors.
- Foreign institutional investors accounted for 73% of total subscription volume; domestic institutions 17%.
- 5-month consolidated revenue (to May 2025): VND 54,644 billion, up 33% YoY, achieving 45% of full-year target.
- Indonesia joint venture Erablue: revenue IDR 1,560 billion (USD 100 million), up 93% YoY; 245 stores, targeting 500 by 2027.
- 2026 targets: revenue growth 30%, net profit growth 50% YoY.
What Happened
Dien May Xanh (DMX) announced the completion of its IPO, with over 166 million shares subscribed, equivalent to 93% of the total offering. According to the company, nearly 30 institutional investors representing close to 60 domestic and foreign funds subscribed for approximately 90% of the total shares. Foreign institutional investors accounted for 73% of total subscription volume, while domestic institutions accounted for 17%.
The IPO took place amid a challenging stock market environment with low liquidity and persistent net selling by foreign investors. At the IPO price of VND 80,000 per share, DMX’s post-issue market capitalization reached over VND 100,000 billion (USD 3.9 billion), making it one of the largest IPOs in Vietnam in recent years.
Market Context
DMX operates in the retail electronics and appliances sector, a competitive market in Vietnam. The company’s strong IPO demand, particularly from foreign institutions, signals confidence in its growth prospects despite a broader market downturn. DMX plans to list on HOSE in August, which could attract further foreign interest. The stock’s performance post-listing will be closely watched given the current foreign selling trend.
Strategic Significance
The successful IPO provides DMX with substantial capital to expand its technology consumer ecosystem, including consumer finance services, installation, warranty, and equipment upgrades. The company’s international expansion, particularly in Indonesia through its Erablue joint venture, demonstrates its ambition to replicate its domestic success abroad. The 2026 targets of 30% revenue growth and 50% net profit growth underscore management’s confidence in sustained high growth.
What to Watch
- Listing date on HOSE in August 2025 and initial trading performance.
- Q2 2025 earnings release to assess revenue and profit momentum.
- Progress of Erablue’s store expansion in Indonesia toward the 500-store target by 2027.
- Foreign ownership levels post-listing and any changes in foreign investor sentiment.
- Execution of consumer finance and service expansion plans.