Dien May Xanh (DMX) IPO: 179.5M Shares at 80,000 VND, Voucher Program for Retail Investors

Overview

Dien May Xanh (DMX), the electronics retail subsidiary of Mobile World Group (MWG), has announced an initial public offering (IPO) of over 179.5 million shares at 80,000 VND per share, aiming to raise approximately 14,360 billion VND (USD 574.4 million). The IPO includes a unique voucher program for early retail investors, with total voucher value up to 2.65 billion VND. DMX is the key profit driver for MWG, contributing 80% of group net profit in Q1 2026.

Key Facts

• DMX will offer 179.5 million shares at 80,000 VND/share, targeting proceeds of 14,360 billion VND (USD 574.4 million).
• The IPO values DMX at over 102,460 billion VND (approximately USD 4 billion).
• Retail investors who register early can receive vouchers ranging from 1 million VND to 20 million VND, with a total pool of 2.65 billion VND.
• The subscription period runs from May 27 to June 17, 2026, with a 10% deposit required.
• DMX’s Q1 2026 after-tax profit reached 2,200 billion VND, up 49% YoY, completing 30.2% of the full-year target.
• DMX operates chains including The Gioi Di Dong, Dien May Xanh, Topzone, and Erablue in Indonesia.
• The State Securities Commission approved the IPO on May 22, 2026.

What Happened

Dien May Xanh (DMX), a wholly-owned subsidiary of Mobile World Group (MWG), has announced an IPO of 179.5 million common shares at 80,000 VND per share, as approved by the State Securities Commission on May 22, 2026. The offering is open to retail and institutional investors, with a minimum subscription of 100 shares and a maximum of 5% of post-IPO charter capital (over 64 million shares). The subscription period runs from May 27 to June 17, 2026, with a 10% deposit required. Results will be announced from June 18-19, and payment from June 22-29, 2026.

In a first-of-its-kind move for a Vietnamese IPO, DMX is offering a voucher program for early retail investors. The first 500 qualified subscribers will receive vouchers worth 1 million to 20 million VND, redeemable at The Gioi Di Dong, Dien May Xanh, and Topzone stores (both physical and online). Vouchers are sent via SMS within 7 days of board approval and valid for 30 days.

Market Context

MWG shares closed at 78,500 VND on May 26, 2026, down 0.25% with volume of 2.5 million shares. The IPO comes as DMX, listed on HOSE, is expected to join the VN30 index post-listing. DMX contributed 80% of MWG’s net profit in Q1 2026, with after-tax profit of 2,200 billion VND (+49% YoY). The retail sector has seen strong growth, driven by consumer electronics demand and DMX’s dominant market position.

Strategic Significance

The IPO will unlock value from MWG’s most profitable subsidiary, allowing DMX to raise capital for expansion and potentially reduce MWG’s conglomerate discount. The voucher program is a novel tactic to attract retail investors, signaling DMX’s focus on building a broad shareholder base. DMX’s strong Q1 performance and market leadership in electronics retail support its valuation of nearly USD 4 billion. The listing could also pave the way for DMX to access debt markets more cheaply and fund its Indonesian joint venture, Erablue.

What to Watch

• Final subscription numbers and oversubscription ratio by June 17, 2026.
• DMX’s Q2 2026 earnings release to confirm profit growth trajectory.
• Post-IPO share price performance and potential inclusion in the VN30 index.
• MWG’s Q2 2026 results to assess the impact of DMX’s separation on group earnings.
• Updates on DMX’s expansion plans, including Erablue in Indonesia.