This information was shared by Doan Van Hieu Em, chief executive officer of Dien May Xanh, at an investor meeting in TP HCM on the afternoon of 28/5. According to Hieu Em, the participation of MWG leaders in the IPO aims to demonstrate confidence in Dien May Xanh's growth prospects post-listing.

However, this move has led many shareholders to question whether some leaders restructuring their MWG shares to buy DMX reflects a preference for Dien May Xanh over the parent company.

Addressing this concern, Hieu Em stated that the funds for IPO participation would depend on each leader's financial condition. He personally plans to sell a portion of his MWG shares to supplement funds for DMX purchases, while retaining most of his ownership in the parent company. Meanwhile, Chairman Nguyen Duc Tai will use entirely personal funds for the offering. Other leaders may participate using their own finances or by restructuring existing investment portfolios.

Shareholder concerns arise as Dien May Xanh prepares for one of the market's largest initial public offerings.

Doan Van Hieu Em, chief executive officer of Dien May Xanh, speaks at an investor meeting in TP HCM on the afternoon of 28/5. *Photo: Thi Ha*

Under the plan, the company will offer nearly 180 million shares at 80,000 VND per share, representing approximately 15% of its charter capital post-issuance. Of this, 1% is allocated for an employee stock ownership plan (ESOP), and 14% will be distributed to external investors. The company opened its share subscription book on 27/5 and expects to list in early August this year.

With a capital mobilization size of approximately 14,360 billion VND, this is considered one of the largest IPOs on the Vietnamese stock market in the last five years. Following the offering, Dien May Xanh's charter capital is projected to increase from 11,013 billion VND to 12,808 billion VND, corresponding to a market capitalization of over 102,460 billion VND.

According to Hieu Em, after restructuring, MWG will operate under a holding model, focusing on strategic direction and investment, while Dien May Xanh becomes an independent legal entity owning the The Gioi Di Dong, Dien May Xanh, TopZone chains, and Tho Dien May Xanh Company. Other segments, such as Bach Hoa Xanh, EraBlue in Indonesia, and new product categories, will operate under separate structures.

Given its current valuation, Dien May Xanh is likely to join the VN30 basket after meeting listing conditions. Vietcap securities company is the primary advisor and distribution agent for the transaction.

Dien May Xanh's valuation of over 102,000 billion VND also raises concerns about the risk of "doubling" market capitalization when listed alongside MWG, which had a market value of approximately 114,000 billion VND at the time. Some shareholders also questioned whether to prioritize holding MWG, Dien May Xanh, or Bach Hoa Xanh as entities within the ecosystem separate.

Hieu Em argued that each business will have distinct roles and growth narratives, so investment choices depend on each investor's appetite and expectations.

To bolster its post-IPO growth story, Dien May Xanh targets a profit of 7,350 billion VND in 2026, corresponding to a projected P/E ratio of approximately 12 times. In Q1 this year, the company's revenue and after-tax profit increased by 30% and 49% respectively compared to the same period, reaching 2,219 billion VND in after-tax profit and completing over 30% of its annual plan in just three months.

According to Vietcap's analysis report, Dien May Xanh's after-tax profit in 2026 could reach 9,324 billion VND. Under this scenario, the company's P/E could decrease to approximately 10 times. Currently, Dien May Xanh contributes about 80% of the entire MWG ecosystem's profit.

However, many shareholders also raised questions about Dien May Xanh's growth potential as the electronics market gradually saturates and competition intensifies.

Responding to this, the company's leadership stated that Dien May Xanh does not choose a price-cutting race but pursues a "layering" strategy, shifting from selling products to offering financial solutions like deferred payments. It also expands after-sales services throughout the product lifecycle to create differentiation.

Currently, the company holds approximately 80% of the deferred payment market share in Vietnam's ICT/CE industry and expects this to remain a growth advantage. Besides core retail operations, Dien May Xanh places expectations on the Tho Dien May Xanh segment, the potential for e-commerce expansion in the technology and electronics sector, and the EraBlue joint venture in Indonesia, which currently ranks second in that country's electronics market.

According to investor presentation materials, the company aims to double its after-tax profit by 2030 compared to 2025 and increase revenue by about 70% in the next five years through service expansion and enhanced efficiency across its existing system.

Beyond the growth story, shareholders also questioned the use of capital, as a portion of the funds raised from the IPO will be used to repay bank debt instead of expanding operations. A company representative stated that restructuring loans aims to strengthen the financial foundation, creating room for long-term development plans.

Despite the electronics market's gradual saturation, the ambition to significantly boost revenue and double profits within five years is considered the biggest test for the growth narrative Dien May Xanh is presenting to investors before its IPO.

Thi Ha