Vietnam’s Dien May Xanh raises over $500m in IPO
Dien May Xanh, the electronics retail arm of Vietnam’s Mobile World Investment Corporation, has raised more than VND13.31tn ($506m) through its initial public offering (IPO).
The retailer sold approximately 166.43 million shares, representing 93% of the volume on offer, at a clearing price of VND80,000 apiece.
The allocation went to 2,646 investors and equates to 13.1% of the company’s voting shares following the offering.
Of the shares initially left unsold, board member Robert Alan Willett took up 325,000 at the IPO price, a stake worth VND26bn that carries a one-year lock-up.
The remaining 13.06 million unsold shares were cancelled and removed from the charter capital calculation.
Charter capital has risen from VND11.01tn to VND12.67tn as a result of the offering, corresponding to 1.26 billion shares now outstanding.
Dien May Xanh shares are due to begin trading on the Ho Chi Minh City Stock Exchange in August 2026.
Participation included close to 30 institutional investors representing nearly 60 domestic and overseas funds, alongside roughly 2,600 individual subscribers.
Institutions accounted for 90% of total registered volume, split between 73% foreign and 17% domestic capital.
The offering was completed amid broader market volatility and net foreign selling, though further detail on that backdrop was not provided.
Mobile World Investment now holds close to 86% of Dien May Xanh’s charter capital following the IPO.
Dien May Xanh reported consolidated net revenue of more than $2bn for the first five months of 2026, up 33% year-on-year and equivalent to 45% of its full-year target.
Same-store sales rose 33% over the period, with no new outlets opened in Vietnam.
In Indonesia, the Erablue chain grew to 245 stores, with revenue climbing 93% year-on-year.
For 2026, Dien May Xanh is targeting revenue growth of 30% and a 50% rise in net profit after tax, alongside a cash dividend of VND4,000 per share to be paid immediately after listing – equivalent to a 5% yield on the IPO price.
“Vietnam’s Dien May Xanh raises over $500m in IPO” was originally created and published by Retail Insight Network, a GlobalData owned brand.
