Điện Máy Xanh plans IPO amid parent company retail overhaul

Điện Máy Xanh plans IPO amid parent company retail overhaul

The IPO, equivalent to more than 16 per cent of outstanding shares, is expected later this year, pending approval from the State Securities Commission.

A Điện Máy Xanh store in HCM City. — Photo dienmayxanh.com

Electronics retailer Điện Máy Xanh plans to launch an initial public offering (IPO) of about 180 million shares later this year, while paying a large cash dividend of up to VNĐ3.2 trillion (about US$122 million) to shareholders, according to a resolution adopted at the company’s 2026 annual general meeting.

The IPO will account for more than 16 per cent of the company’s outstanding shares, and is expected to take place after the State Securities Commission grants approval.

Điện Máy Xanh currently has charter capital of more than VNĐ11 trillion and plans to increase it to about VNĐ12.8 trillion ($487 million) after the offering.

Stock prices will be decided by the board of directors, but will not be lower than the book value of VNĐ16,163 per share and a valuation issued by an independent appraisal firm.

The move comes as parent company Mobile World Investment Corporation restructures its retail ecosystem into specialised business units to improve governance and operational efficiency.

According to the company, a separate listing of Điện Máy Xanh aims to enhance transparency, adopt listed-company governance standards and unlock new growth potential for its electronics retail chain.

Alongside the IPO plan, shareholders approved a large cash dividend payout of up to VNĐ3.2 trillion from retained earnings. The dividend rate for 2025 is set at 349.5 per cent, while the planned rates for 2026 and 2027 are 25 per cent and 28.7 per cent, respectively.

The large dividend distribution reflects the company’s strong cash generation and stable financial position after several years of restructuring its retail operations.

For the 2026 fiscal year, Điện Máy Xanh aims to reach revenue of VNĐ122.5 trillion, up about 12 per cent year-on-year, and net profit of nearly VNĐ7.4 trillion, an increase of nearly 27 per cent.

In 2027, revenue is projected to reach VNĐ135 trillion, while net profit is expected to climb to VNĐ8.47 trillion.

After more than a decade of rapid expansion, the retailer now operates a network of more than 3,000 stores nationwide. Its new strategy focuses on improving operational efficiency rather than aggressive store expansion.

Growth will be driven by four main initiatives: improving in-store customer experience, expanding after-sales services through the Thợ Điện Máy Xanh network, developing consumer finance solutions to support purchases and strengthening e-commerce and omnichannel retail.

The company is also expanding overseas through EraBlue, a retail joint venture in Indonesia, a market with significant growth potential.

Industry forecasts suggest Việt Nam’s consumer electronics and mobile device retail market could reach about $15 billion by 2030, with annual growth of more than 8 per cent driven by demand for device upgrades, AI-enabled products, 5G technology and smart home equipment. 

Bizhub