Dien May Xanh's IPO raises over $500 million

Dien May Xanh's IPO raises over $500 million

Dien May Xanh has completed a public share sale, raising more than VND13.3 trillion ($500 million) and increasing its charter capital to VND12.68 trillion ($487.7 million).

Photo: tinnhanhchungkhoan.vn

Announced on July 1, the initial public offering (IPO) will see Dien May Xanh (DMX) shares begin trading on the Ho Chi Minh City Stock Exchange in August.

On June 30, the company’s Board of Directors issued Resolution No.14/NQ/HĐQT/ĐMX-2026, approving the results of the IPO. A total of 166,438,500 shares were successfully allocated (equivalent to 93 per cent of the offered volume and representing 13.1 per cent of the company’s voting shares after the offering) to 2,646 investors.

In finalising the allocation, the Board of Directors approved the further allocation of part of the 13,386,900 shares that remained unsold. Accordingly, Robert Alan Willett, a member of the Board of Directors, subscribed for 325,000 shares at VND80,000 ($3.08) per share, for a total value of VND26 billion ($1 million); these shares are subject to a one-year transfer restriction from the close of the offering in accordance with regulations. The remaining 13,061,900 unsold shares were cancelled and not counted towards the company’s charter capital.

At the IPO price of VND80,000 per share, the actual proceeds from the transaction reached more than VND13.32 trillion (over $500 million). The completion of the IPO will raise DMX’s charter capital from VND11.01 trillion ($423.46 million) to VND12.68 trillion ($487.69 million), corresponding to 1,267,722,000 shares outstanding – a scale that secures DMX’s position as the CE/ICT retailer with the largest charter capital in the market.

The offering results further confirm DMX as one of the most closely watched transactions on the stock market, drawing the participation of nearly 30 institutional investors representing close to 60 domestic and foreign investment funds, alongside nearly 2,600 individual investors. These financial institutions absorbed up to 90 per cent of the total registered volume; of which foreign institutional capital played the leading role at 73 per cent, with domestic institutions accounting for 17 per cent.

With 90 per cent of the volume held by institutional investors and long-term funds, DMX’s shareholder base is regarded as high in quality. This reflects institutional investors’ long-term confidence in the business and helps mitigate short-term profit-taking pressure once the shares begin trading. Following the IPO, Mobile World Investment Corporation holds nearly 86 per cent of DMX’s charter capital.

This is a notable outcome, as the transaction – exceeding half a billion US dollars in size – was executed during a period of heightened market volatility, marked by intensifying net selling by foreign investors. Despite this backdrop, major international capital still chose to invest in DMX.

The foundation for the successful IPO is Dien May Xanh’s steady business growth. In the first five months of 2026, consolidated net revenue reached more than $2 billion, up 33 per cent on-year and completing 45 per cent of the full-year plan after only 5 of 12 months.

This growth was driven entirely by deeper market penetration, with same-store sales growth maintained at 33 per cent while no new stores were opened in Vietnam during the period. In Indonesia, the Erablue chain reached 245 stores, with revenue up 93 per cent on-year.

On the back of this momentum, DMX is on track to exceed its 2026 plan, with revenue and net profit after tax projected to grow 30 per cent and 50 per cent on-year, respectively. This provides the foundation for DMX to deliver on its commitment to pay a cash dividend of VND4,000 (15.4 US cents) per share immediately after listing, equivalent to a 5 per cent dividend yield on the IPO price.

VIR