DMX Files for HoSE Listing After VND 100 Trillion IPO, Market Cap Nears USD 3.9B

Overview

DMX (CTCP Dau tu Dien May Xanh) has filed for listing on HoSE after completing one of the largest IPOs in Vietnamese market history, raising approximately VND 13,293 billion. With a post-IPO market capitalization of over VND 100 trillion (nearly USD 3.9 billion), the company is poised to become a blue-chip retail stock. DMX reported consolidated revenue of VND 54,644 billion in the first five months of 2026, up 33% year-on-year.

Key Facts

• DMX filed for listing of nearly 1.27 billion shares on HoSE on July 13, 2026.
• The IPO raised approximately VND 13,293 billion, with 93% of the offered 179.5 million shares subscribed at VND 80,000 per share.
• Institutional investors absorbed 90% of the IPO, with foreign institutions accounting for 73% and domestic institutions 17%.
• Post-IPO market capitalization is estimated at over VND 100 trillion (nearly USD 3.9 billion).
• DMX reported consolidated revenue of VND 54,644 billion in the first five months of 2026, up 33% year-on-year.
• The Dien May Xanh chain contributed 67% of revenue, followed by The Gioi Di Dong (29%) and TopZone (4%).
• In Indonesia, the Erablue chain recorded revenue of IDR 1,560 billion (about VND 2,260 billion), up 93% year-on-year.

What Happened

HoSE announced on July 13 that it had received DMX’s application to list nearly 1.27 billion shares. The filing follows DMX’s successful IPO, which saw subscriptions for over 166 million shares, representing 93% of the 179.5 million shares offered at VND 80,000 each. The IPO attracted nearly 30 institutional investors representing about 60 domestic and foreign funds, alongside thousands of retail investors. Foreign institutions played a dominant role, accounting for 73% of the total subscription volume.

DMX expects its shares to begin trading on HoSE in August 2026. Based on the IPO price and the expected 1.26 billion outstanding shares, the company’s market capitalization will exceed VND 100 trillion (nearly USD 3.9 billion), making it one of the largest listed retailers in Vietnam. The company noted that its large market cap could qualify it for inclusion in major indices and ETFs, potentially attracting passive investment flows.

Market Context

DMX currently trades on UPCOM, but the move to HoSE is expected to enhance liquidity and visibility. The company’s IPO was one of the largest in Vietnam in 2026, reflecting strong investor appetite for retail sector exposure. DMX’s revenue growth of 33% in the first five months of 2026 outpaces many peers, driven by double-digit same-store sales growth across its chains. The company’s expansion in Indonesia, where Erablue revenue surged 93%, highlights its regional growth strategy.

Strategic Significance

DMX’s listing on HoSE solidifies its position as a leading multi-brand electronics and consumer goods retailer in Vietnam. The company’s diversified portfolio includes Dien May Xanh (electronics), The Gioi Di Dong (mobile devices), and TopZone (Apple products), each showing robust growth. The successful IPO and upcoming listing provide capital for further expansion, particularly in Indonesia through the Erablue chain. Inclusion in indices could attract passive foreign investment, supporting long-term valuation.

What to Watch

• Official listing date on HoSE in August 2026 and first-day trading performance.
• Q2 2026 earnings release to assess revenue and profit trends.
• Progress of Erablue expansion in Indonesia and contribution to overall revenue.
• Potential inclusion in VN30 or other major indices and related ETF flows.
• Any further capital raising plans or M&A activity following the IPO.