Vietnam’s Mobile World Group has announced the spin-off of its Dien May Xanh (DMX) subsidiary through an initial public offering valued at $500 million, according to Inside Retail Asia.
The move follows DMX’s earlier announcement in May that it planned to raise approximately $546 million through a listing. The subsidiary operates a chain of electronics and home appliance stores across Vietnam.
Mobile World Group is one of the country’s largest retail chains, and the spin-off is expected to sharpen the focus of both entities, allowing DMX to pursue independent growth in the competitive electronics market.