Retail scene emerges as latest IPO hotspot

WinCommerce’s strong financial results place it on a good footing for potential IPO

- By Oanh Do

WinCommerce's strong financial results place it on a good footing for potential IPO

Big names in Vietnam’s retail scene are seriously considering initial public offerings as consumer demand rebounds and profits improve.

At Masan Group’s investor meeting last week, Phan Nguyen Trong Huy, CFO of WinCommerce, stated that the retail chain had recorded positive financial results with first-quarter revenue increasing by 29 per cent, reaching $437 million, far exceeding the full-year growth target of 15-21 per cent.

WinCommerce has maintained positive profit margins for eight consecutive quarters, while continuing to open 300-400 new stores each quarter. Significantly, this growth stems not only from expansion but also from improved performance at existing stores. The like-for-like growth rate in April reached 14 per cent, with approximately 70 per cent of that contribution coming from increased customer traffic.

Huy stated that the latest results show WinCommerce is nearing a turning point as its scale growth is coupled with operational efficiency, a factor that could change how the market values the entire retail model. WinCommerce’s full-year revenue is projected to reach approximately $1.7-1.8 billion and after-tax profit of $38-58 million.

“We expect to welcome our 5,000th store nationwide within the next 30 days,” Huy said. “Based on that, Masan is beginning to discuss plans for an initial public offering (IPO) of WinCommerce in the 2028-2029 period, with an expected valuation of around $10 billion.”