Vietnam IPOs Raise VND 21,000B in 2026, Led by Dien May Xanh (DMX)

Overview

Six initial public offerings on the Vietnamese market have raised more than VND 21,000 billion (~USD 840 million) since the start of 2026, led by retailer Điện Máy Xanh (DMX) with over VND 13,300 billion. The wave marks the strongest IPO pipeline since the 2017–2018 cycle and shifts new listing supply away from financials toward retail, agriculture and infrastructure names.

Key Facts

• Six IPOs completed since the start of 2026: Điện Máy Xanh (DMX), Hòa Phát Agri (HPA), LPBS (LPS), HAGL Invest (HGI), F88 and DatVietVAC (DVV).
• Combined proceeds exceeded VND 21,000 billion, equivalent to roughly USD 840 million.
• DMX alone raised more than VND 13,300 billion, the largest single deal in the group.
• DMX subscription reached 93% of the offered volume, meaning the deal was not fully sold.
• DMX was priced at a valuation above VND 100,000 billion (~USD 4 billion).
• Financial-sector issuers account for only one third of the six deals (LPBS and F88), down from prior cycles.
• The article cites 2017–2018 as the last comparable IPO wave, with 2022–2024 described as a period of weak liquidity and deferred listings.

What Happened

The article, published by a Vietnamese financial media outlet, frames the 2026 IPO activity as a structural reopening of the primary equity market after several quiet years. It states that six deals have priced since the beginning of 2026, raising a combined VND 21,000 billion. The composition is notably different from the 2025 recovery, when securities firms such as TCBS, VPS and VPBankS dominated issuance to fund margin lending and capital adequacy.

Điện Máy Xanh is the centerpiece. The electronics and appliance retailer raised over VND 13,300 billion, with subscription covering 93% of the offered shares. The article reports that participation by large domestic and foreign institutions underpinned demand, and that the post-IPO valuation exceeds VND 100,000 billion (~USD 4 billion), placing DMX among the most valuable non-financial companies to list in Vietnam since 2018. The article does not disclose the offer price per share, the exact number of shares sold, or the allocation between domestic and foreign investors.

Market Context

DMX trades on UPCOM and last closed at VND 74,500 on 3 November 2026. Hòa Phát Agri (HPA) closed at VND 26,750 and LPBS (LPS) at VND 15,150 on the same date. The article does not specify the listing venue for each of the six deals, and the price-context block covers only three of the five affected tickers. The broader narrative is one of recovering primary-market activity after the 2022–2024 downturn, when declining liquidity and cautious investor sentiment pushed many issuers to delay or resize offerings.

Strategic Significance

The shift in issuer mix is the more durable signal. When IPOs are dominated by securities firms, proceeds largely recycle into margin lending and trading activity. When retailers, agricultural groups and infrastructure companies list, proceeds fund store networks, processing capacity and fixed assets, which broadens the investable universe for long-only and foreign institutional capital. DMX at a ~USD 4 billion valuation establishes a large-cap retail benchmark on UPCOM and gives sector comparables for consumer discretionary names. The 93% subscription rate, however, indicates that price sensitivity remains; investors absorbed most but not all of the supply, suggesting book-building discipline rather than unreserved demand.

What to Watch

• DMX’s first post-IPO financial disclosure, including revenue growth and store expansion against the VND 100,000 billion valuation.
• Confirmation of listing venue and free-float size for DMX and the remaining deals (HPA, LPS, HGI, DVV).
• Foreign-ownership filings showing whether international institutions held or trimmed positions after allocation.
• Whether the 2026 pipeline extends into the fourth quarter with additional large-cap non-financial issuers.
• Liquidity and index-inclusion decisions for the newly listed shares on UPCOM and HOSE.