Vietnamese retail giant Mobile World Investment Corporation has spun off its electronics retail chain Dien May Xanh through a US$505 million initial public offering (IPO), marking one of Vietnam’s largest stock market listings in the past two years.

According to the company’s filing, investors registered to buy about 166 million shares, or 92.5 per cent of the 179.5 million shares on offer, raising approximately 13.29 trillion dong (US$505 million).

The move follows Dien May Xanh’s plans announced in May to raise about US$546 million by selling 179.5 million shares at a fixed price of 80,000 dong each to fund its next phase of growth and reinforce its position in Vietnam’s consumer electronics market.

The retailer is expected to debut on the Ho Chi Minh Stock Exchange in the first week of August.

Dien May Xanh is MWG’s consumer electronics arm and one of Vietnam’s largest electronics retailers, operating a nationwide network of stores selling smartphones, televisions, home appliances and other consumer technology products.

The company is targeting compound annual revenue growth of 11 per cent and annual net profit growth of 16 per cent through 2030 as it expands its market presence.