Nearly 60 funds subscribe to Dien May Xanh IPO amid foreign investors' prolonged net selling

Nearly 60 domestic and foreign investment funds have registered to buy 166 million shares in the initial public offering (IPO) of Dien May Xanh, the electronics retail chain of Mobile World Group (HoSE: MWG).

Dien May Xanh (DMX) said it had completed its IPO, with registered shares equivalent to about 93% of the total shares offered.

The company said nearly 30 institutional investors representing close to 60 investment funds accounted for approximately 90% of total subscriptions. Foreign institutions made up 73% of total registered volume, while domestic institutional investors accounted for 17%.

The strong response comes at a time when Vietnam’s stock market continues to face challenges from subdued liquidity and prolonged net selling by foreign investors.

With a fundraising size of roughly VND13.3 trillion ($505.24 million), the transaction ranks among the country’s largest IPOs in recent years.

At the IPO price of VND80,000 ($3.04) per share, DMX is expected to debut with a market capitalization of VND100 trillion ($3.8 billion).

The offering highlights investor confidence in Vietnam’s consumer and retail sectors, which continue to benefit from rising household incomes, urbanization, and growing demand for technology products and services.

DMX reported consolidated revenue of VND54.64 trillion ($2.08 billion) during the first five months of 2026, up 33% from a year earlier and equivalent to 45% of its full-year target.

The company has also been expanding overseas through Erablue, its Indonesian retail joint venture. Erablue generated revenue of IDR1.56 trillion ($100 million) during the period, a 93% increase from the same period last year.

The chain operated 245 stores as of the end of May and plans to expand to 500 outlets by 2027, making Indonesia an increasingly important growth market for the company.

DMX is targeting revenue growth of 30% and net profit growth of 50% in 2026 compared with 2025.

CEO Doan Van Hieu Em said DMX would continue broadening its consumer technology ecosystem while expanding higher-margin service offerings, including consumer finance, installation, maintenance, and device upgrade programs.

Shares of DMX are scheduled to begin trading on the Ho Chi Minh City Stock Exchange in August. Investors participating in the IPO are expected to receive allocation results on June 19, with settlement scheduled on June 22-29.

MWG shares closed down 0.51% to VND78,700 ($2.99) each on Wednesday.