Dien May Xanh (DMX), the electronics retail chain under Mobile World Group (HoSE: MWG), successfully completed its Initial Public Offering (IPO), raising roughly VND 13.3 trillion ($505.24 million). Although the company aimed to sell 179.5 million shares, only 166 million shares were subscribed, representing about 93% of the total offering. This resulted in 13.5 million unsold shares, suggesting investor caution despite DMX being considered a noteworthy deal.
The IPO price was set at VND 80,000 ($3.04) per share, valuing Dien May Xanh at a market capitalization of VND 100 trillion ($3.8 billion) based on subscription numbers, or up to $3.9 billion if all shares were sold. The offering drew significant institutional interest, with nearly 60 domestic and foreign investment funds registering to buy shares. Approximately 30 institutional investors accounted for 90% of total subscriptions, with foreign institutions making up 73% and domestic institutions 17%.
Proceeds from the IPO, estimated at $546 million, are intended to repay short-term loans owed by the parent company, MWG, which faced significant short-term debt of VND 28 trillion against only VND 4.5 trillion in cash as of Q1 2026. This strategy is seen as a way to ease pressure on the parent's balance sheet rather than funding DMX's direct expansion. DMX's shares are scheduled to begin trading on the Ho Chi Minh City Stock Exchange in August, with allocation results provided on June 19 and settlement from June 22-29.
DMX has demonstrated strong financial performance, reporting consolidated revenue of VND 54.64 trillion ($2.08 billion) in the first five months of 2026, a 33% increase year-over-year and 45% of its full-year target. The company aims for 30% revenue growth and 50% net profit growth in 2026 compared to 2025. Its Indonesian retail joint venture, Erablue, generated IDR 1.56 trillion ($100 million), a 93% increase. DMX, with 245 stores as of May, plans to expand to 500 outlets by 2027 and continues to broaden its consumer technology ecosystem and higher-margin service offerings like consumer finance and maintenance.
