Dien May Xanh Raises Over $500M in IPO Ahead of August HOSE Listing

Dien May Xanh, a leading Vietnamese electronics retailer, has successfully completed its initial public offering, raising more than VND13.3 trillion (over $500 million). The company, a unit of Mobile World Investment Corporation, announced on July 1 that its shares are scheduled to begin trading on the Ho Chi Minh City Stock Exchange in August, following a transaction that drew significant interest from international funds despite challenging market conditions.

The company's Board of Directors approved the IPO results on June 30 through Resolution No.14/NQ/HĐQT/ĐMX-2026. The offering saw 166,438,500 shares successfully placed with 2,646 investors, representing 93 per cent of the total volume offered. These shares account for 13.1 per cent of the company’s voting stock post-offering.

Following the main allocation, the board approved the placement of a portion of the 13,386,900 shares that remained unsold. Board member Robert Alan Willett subscribed for 325,000 shares at the IPO price of VND80,000 ($3.08) per share, a total investment of VND26 billion ($1 million). These shares are subject to a one-year transfer restriction. The remaining 13,061,900 unsold shares were cancelled.

The offering, priced at VND80,000 per share, generated total proceeds exceeding VND13.32 trillion (over $500 million). This raises Dien May Xanh’s charter capital from VND11.01 trillion ($423.46 million) to VND12.68 trillion ($487.69 million), with 1,267,722,000 shares outstanding. The new capitalisation establishes the company as the largest consumer electronics and ICT retailer on the market by charter capital.

The deal attracted nearly 30 institutional investors, representing almost 60 domestic and foreign investment funds, in addition to nearly 2,600 individual investors. Institutional buyers absorbed 90 per cent of the registered volume, with foreign funds playing a dominant role, accounting for 73 per cent of the institutional allocation. Domestic institutions took the remaining 17 per cent. With institutional and long-term funds holding 90 per cent of the offered volume, the shareholder base is expected to provide stability and mitigate short-term selling pressure post-listing. Following the IPO, parent company Mobile World Investment Corporation will hold a stake of nearly 86 per cent.

The transaction's success is particularly notable as it was executed amid heightened market volatility and a period of sustained net selling by foreign investors in the Vietnamese market.

The strong investor appetite is underpinned by Dien May Xanh’s robust business performance. In the first five months of 2026, the company reported consolidated net revenue of more than $2 billion, a 33 per cent increase year-on-year. This figure represents 45 per cent of its full-year target, achieved in just five months.

This growth was driven by strong organic performance, with same-store sales growth holding steady at 33 per cent despite no new stores being opened in Vietnam during the period. The company's Indonesian subsidiary, the Erablue chain, expanded to 245 stores and saw its revenue increase by 93 per cent year-on-year.

Building on this momentum, Dien May Xanh is positioned to surpass its 2026 targets, with full-year revenue and net profit after tax forecast to grow by 30 per cent and 50 per cent year-on-year, respectively. The company has also committed to paying a cash dividend of VND4,000 (15.4 US cents) per share immediately after its listing, which translates to a 5 per cent dividend yield based on the IPO price.