Mobile World's electronics retailer wins approval for $545 mln IPO

Dien May Xanh, the electronics retail chain of Mobile World Group (HoSE: MWG), has received approval from the State Securities Commission of Vietnam (SSC) for its highly anticipated IPO, positioning it to become the country's largest market debut in five years.

The company plans to raise approximately VND14.36 trillion ($544.66 million) via offering more than 179.5 million common shares to the public.

At the offer price of VND80,000 ($3.03) per share, its market capitalization is projected to top VND102.46 trillion ($3.89 billion).

The landmark deal is set to be Vietnam's first multi-billion-USD valuation IPO of 2026. Financial analysts expect the firm to be fast-tracked into the VN30 Index - the basket of the 30 largest and most liquid equities on the Ho Chi Minh City Stock Exchange (HoSE) - once it crosses the mandatory six-month listing threshold.

Vietcap Securities JSC is acting as the sole financial advisor and lead underwriters for the offering.

According to the company’s newly released prospectus, the primary objectives of the public listing are to enhance corporate transparency, elevate brand equity, and diversify access to international and domestic capital markets to fuel its aggressive expansion strategy.

Proceeds from the share sale will also be used to fortify the company's financial structure and inject working capital into its core business operations.

According to its website, Dien May Xanh currently has 2,948 stores across 34 cities/provinces nationwide. Dien May Xanh accounts for 80% of MWG's net profit. The retail giant is projected to generate a robust free cash flow of VND6.88 trillion ($260.84 million) in 2026.

Following the IPO completion, the chain's charter capital will expand significantly to VND12.81 trillion ($485.76 million), up from its current VND11.01 trillion ($417.68 million).

In a move to attract institutional and income-focused investors, Dien May Xanh announced a cash dividend plan for 2026 at a rate of 40% of par value, equivalent to VND4,000 ($0.15) per share. Based on the IPO price of VND80,000, this represents a lucrative 5% dividend yield.

Furthermore, the firm has established a long-term shareholder return policy, committing to an annual cash dividend payout ratio of at least 50% of net profit.

Looking ahead, DMX has laid out an ambitious growth roadmap through 2030, targeting a compound annual growth rate (CAGR) of 11% in revenue and 16% in net profit.