Dien May Xanh Investment Joint Stock (DMX) has officially received its Public Offering Certificate from the State Securities Commission of Vietnam (SSC), marking the debut of a retail electronics powerhouse on the Vietnamese stock market.

With over 179.5 million shares offered to the public, DMX is expected to raise approximately VND 14,360 billion, making it the first billion-dollar IPO of 2026. The anticipated market capitalization of over VND 102,460 billion positions DMX as a strong candidate for inclusion in the VN30 index upon meeting the six-month listing requirement.

Under the approved plan, DMX will offer more than 179.5 million ordinary shares at an offering price of VND 80,000 per share, with Vietcap Securities serving as the lead advisor and distribution agent. If fully subscribed, this will be the largest IPO fundraise in the past five years.

According to the prospectus, the offering aims to enhance DMX's transparency, credibility, and brand recognition, while broadening access to diversified capital sources to support its growth strategy. The additional capital will also strengthen DMX's financial capacity and fund core business operations.

After a prolonged period of limited quality IPOs, the arrival of a sector-leading retailer like DMX brings fresh momentum and long-awaited quality supply to the Vietnamese equity market.

In Q1/2026, DMX delivered strong top- and bottom-line performance, with revenue and net profit after tax (NPAT) growing 30% and 49% YoY, respectively. NPAT reached VND 2,219 billion, completing 30.2% of the full-year profit target in just three months — a testament to robust financial health and operationally-driven growth.

Based on Q1 actual results, Vietcap's latest research report projects 2026 NPAT at VND 9,324 billion, implying a 2026 P/E of approximately 10x — an attractive valuation for a market-leading retailer targeting double-digit revenue and profit growth over the next five years.

DMX is widely regarded as the financial backbone of MWG, contributing approximately 80% of MWG ecosystem's profit. Free cash flow is projected to reach VND 6,877 billion in 2026.

In 2026, DMX plans to distribute a cash dividend of 40% of par value, equivalent to VND 4,000 per share — representing a dividend yield of 5% at the IPO price. DMX also commits to an annual minimum cash dividend payout of 50% of NPAT, reinforcing its position as a sustainable income-generating asset for shareholders.

By 2030, DMX targets a revenue CAGR of 11% and NPAT CAGR of 16% — a rare growth commitment in Vietnam's retail sector. Anchored by five new growth pillars, DMX asserts its market leadership and positions itself as a top-priority long-term holding for both domestic and international institutional investors.

Investors may subscribe for a minimum of 100 shares and a maximum of 64,039,195 shares (up to 5% of post-offering charter capital). The offering timeline is as follows:

• Registration & deposit payment: 27 May – 17 June

• Allocation announcement: 18 – 19 June

• Final payment settlement: 22 – 29 June 2026

• Expected listing date: Early August 2026

To support investor access, DMX has launched a dedicated IPO portal at https://www.ipodmx.vn/ — providing full disclosure documentation, subscription procedures, and real-time offering updates.

Upon completion of the IPO, DMX's charter capital will increase from VND 11,012.8 billion to VND 12,807.8 billion. This transaction not only unlocks DMX's intrinsic value but serves as a key catalyst for the company to pursue its 16% annual NPAT growth target over the next five years.

Source: CafeF