Dien May Xanh (DMX) IPO at 80,000 VND/Share Aims to Raise VND 14.36 Trillion

Overview

Dien May Xanh (DMX), the electronics retail subsidiary of Mobile World Investment Corporation (MWG), has received approval from the State Securities Commission for its initial public offering (IPO). The company will offer over 179.5 million shares at 80,000 VND per share, aiming to raise approximately VND 14.36 trillion (USD 574.4 million). DMX, which contributes 80% of MWG’s net profit, reported strong Q1 2026 results with revenue up 30% and net profit up 49% year-on-year, positioning the IPO as a landmark event for the Vietnamese stock market.

Key Facts

• DMX received IPO approval from the State Securities Commission, offering 179.5 million shares at 80,000 VND/share.
• The IPO is expected to raise approximately VND 14.36 trillion (USD 574.4 million), the largest in Vietnam in five years.
• DMX’s post-IPO market capitalization is estimated at VND 102.46 trillion (USD 4.1 billion).
• In Q1 2026, DMX reported net profit of VND 2,219 billion, up 49% year-on-year, achieving 30.2% of its full-year profit target.
• Vietcap Securities is the lead underwriter and advisor for the IPO.
• DMX plans a cash dividend of 40% of par value (4,000 VND/share) for 2026, implying a 5% dividend yield at the IPO price.
• The company targets 11% revenue CAGR and 16% net profit CAGR through 2030.

What Happened

Dien May Xanh (DMX) has officially received the certificate of offering from the State Securities Commission, marking the arrival of a major electronics retailer on the stock exchange. The company will offer over 179.5 million common shares to the public at 80,000 VND per share, with Vietcap Securities acting as the lead advisor and distributor. If fully subscribed, the IPO will raise about VND 14.36 trillion, making it the largest IPO in Vietnam in the last five years.

According to the prospectus, the proceeds will be used to enhance transparency, brand recognition, and access to diverse capital sources to support growth strategies. DMX reported strong Q1 2026 results: revenue grew 30% and net profit surged 49% year-on-year to VND 2,219 billion, completing 30.2% of its full-year profit target in just three months. Vietcap’s analysis, based on Q1 actuals, forecasts 2026 net profit of VND 9,324 billion, implying a 2026 P/E of approximately 10x.

Market Context

MWG shares closed at 79,400 VND on May 24, 2026, down 0.13% on volume of 6.1 million shares. The IPO comes at a time when the Vietnamese stock market has seen a dearth of high-quality listings. DMX, as the key profit driver for MWG (contributing 80% of group net profit), is expected to be a bellwether for the retail sector. Its listing on HOSE will likely qualify it for the VN30 index after six months of trading, potentially attracting significant foreign and institutional interest.

Strategic Significance

The DMX IPO is strategically significant for MWG as it unlocks value from its most profitable subsidiary, providing a direct investment vehicle into Vietnam’s leading electronics retail chain. The IPO proceeds will strengthen DMX’s balance sheet, enabling expansion and working capital optimization. DMX’s commitment to a minimum 50% cash dividend payout ratio and its long-term growth targets (11% revenue CAGR, 16% net profit CAGR through 2030) position it as a potential core holding for income and growth investors. The attractive valuation (10x forward P/E) relative to regional peers may draw foreign capital, especially given the scarcity of large-cap retail listings in Vietnam.

What to Watch

• Subscription rate and investor demand for the IPO, especially foreign institutional participation.
• DMX’s Q2 2026 earnings release to confirm the growth trajectory.
• Timeline for listing on HOSE and potential inclusion in the VN30 index.
• MWG’s future strategy regarding its remaining stake in DMX post-IPO.
• Competitive dynamics in the electronics retail sector, including expansion plans and market share shifts.