Dien May Xanh Nears IPO in 2026, Plans to Sell 16.3% Stake

Overview

Mobile World Investment Corporation (MWG) announced at its 2026 Annual General Meeting that its subsidiary Dien May Xanh (DMX) has nearly completed procedures for an initial public offering (IPO) in 2026. The plan includes selling up to 16.3% of DMX’s charter capital, with the proceeds used to repay short-term debt. This IPO is a key step in MWG’s strategy to restructure its retail ecosystem and create independent growth for the DMX chain.

Key Facts

• DMX plans to sell up to 179.5 million shares, representing approximately 16.3% of its charter capital.
• The offering price is set at no less than VND 16,163 per share, based on audited book value for 2025.
• Proceeds from the IPO will be used to repay short-term debt.
• DMX paid a large dividend from retained 2025 earnings totaling over VND 38 trillion, with MWG receiving the majority due to its 98.95% ownership.
• MWG reported Q1 2026 revenue of VND 46,000-47,000 billion (25% of full-year target) and net profit reaching 29-30% of its annual goal.
• For full-year 2026, MWG targets revenue of VND 185 trillion (+19% YoY) and net profit of VND 9.2 trillion (+30% YoY).
• DMX is transitioning its warranty and cleaning service model from “Tan Tam” to “Tho Dien May Xanh” (TDMX), expanding services to external customers.

What Happened

At MWG’s 2026 Annual General Meeting held on April 18, CEO of DMX and MWG board member Doan Van Hieu Em stated that DMX has nearly completed all procedures for an IPO in 2026. He noted that the company has not yet disclosed a specific listing plan but confirmed no changes due to recent geopolitical conflicts. This is the first time MWG management has provided a concrete update on DMX’s IPO timeline at the parent company’s AGM.

The IPO plan was approved by MWG’s board in December 2025 as part of a broader restructuring of the retail ecosystem. In separate DMX shareholder meetings in January and March 2026, the company approved the sale of up to 179.5 million shares (16.3% of charter capital) at a minimum price of VND 16,163 per share. All proceeds are earmarked for short-term debt repayment.

Market Context

MWG shares closed at VND 81,000 on April 15, 2026, down 1.10% with a volume of 3,065,500 shares. The stock trades on HOSE. The IPO announcement comes as MWG targets strong growth for 2026, with revenue up 19% and net profit up 30%. The retail sector in Vietnam has been recovering, and DMX’s IPO is expected to unlock value for MWG shareholders while providing DMX with independent access to capital markets.

Strategic Significance

The DMX IPO is a critical component of MWG’s strategy to restructure its retail ecosystem, enhancing transparency and creating independent growth platforms for its key chains. By spinning off DMX, MWG aims to improve operational focus and potentially unlock higher valuations for the subsidiary. The move also allows DMX to raise capital independently to reduce debt and expand its service model, including the new “Tho Dien May Xanh” platform. This aligns with MWG’s long-term goal of driving consolidated revenue and profit growth through 2030.

What to Watch

• Confirmation of DMX’s listing exchange and timeline (expected later in 2026).
• DMX’s Q2 2026 financial results to assess operational performance ahead of IPO.
• MWG’s ability to meet its 2026 revenue and profit targets, which support the IPO narrative.
• Investor demand for DMX shares, particularly from foreign institutions, given the 16.3% stake on offer.
• Progress of DMX’s service model transition and its impact on margins and customer acquisition.