Vietnam IPOs raise $830M in H1 2026, all in Southeast Asia top 10

Overview

Vietnam recorded four initial public offerings (IPOs) in the first half of 2026, collectively raising approximately $830 million, according to Nikkei Asia. All four deals ranked among the top 10 largest IPOs in Southeast Asia by value, a notable achievement given that Vietnam saw almost no major IPOs in the same period of 2025. The most prominent deals were Dien May Xanh Investment, part of the Mobile World (MWG) ecosystem, and Gelex Infrastructure (GEL).

Key Facts

• Total IPO proceeds in Southeast Asia reached $3.07 billion in H1 2026, up about 120% year-on-year.
• Vietnam’s four IPOs raised approximately $830 million, with combined market capitalization at listing of nearly $6.9 billion.
• Dien May Xanh Investment’s IPO ranked third in Southeast Asia; the company operates about 3,000 retail stores in Vietnam and has expanded to Indonesia.
• Gelex Infrastructure (GEL) ranked sixth in the region; proceeds are earmarked for large-scale projects including Gia Binh International Airport in northern Vietnam.
• Malaysia led the region in both number of IPOs and capital raised, with Sunway Healthcare Holdings raising about $707 million.
• The number of IPOs in Southeast Asia fell about 10% year-on-year to 47 deals, mainly due to a decline in small-cap listings in Indonesia.
• In H1 2025, Vietnam had almost no significant IPO activity.

What Happened

According to Nikkei Asia, Southeast Asian companies raised $3.07 billion through IPOs in the first half of 2026, a 120% increase from the same period last year. While the total was below the $5.11 billion raised in H2 2025, the region saw a shift toward larger deals, particularly in Malaysia, Singapore, and Vietnam.

Vietnam emerged as a standout, with all four of its IPOs ranking in the top 10 regionally. Dien May Xanh Investment, a subsidiary of MWG, raised significant capital and ranked third, while Gelex Infrastructure (GEL) ranked sixth. The article highlights that Vietnam’s IPO resurgence reflects years of market reforms, including eased foreign investor regulations and improved trading infrastructure.

Market Context

MWG closed at VND 72,700 on August 20, 2026, on the HOSE, while GEL closed at VND 29,000 on the same date. The successful IPOs of their subsidiaries or related entities could provide additional capital for expansion and potentially enhance parent company valuations. Vietnam’s IPO market has historically been volatile, but the recent deals signal growing investor confidence in the country’s growth story, particularly in retail and infrastructure sectors.

Strategic Significance

For long-term investors, the strong IPO performance indicates that Vietnamese companies can attract significant regional and international capital when they offer scalable business models and clear growth plans. Dien May Xanh’s expansion into Indonesia and GEL’s infrastructure projects align with broader regional trends in consumption and infrastructure development. The success of these IPOs may encourage more Vietnamese firms to consider public listings, deepening the local capital market.

What to Watch

• MWG’s Q3 2026 earnings report to assess the impact of Dien May Xanh’s IPO on the parent company’s financials.
• GEL’s progress on the Gia Binh International Airport project and other infrastructure developments.
• Regulatory updates from the State Securities Commission regarding foreign investor access and listing rules.
• Upcoming IPO pipeline in Vietnam for H2 2026, including any large-scale offerings.
• Regional IPO activity in Southeast Asia, particularly in Malaysia and Indonesia, to gauge competitive dynamics.