HCM CITY — DatViet VAC Group Holdings JSC plans to offer 11.15 million shares at VNĐ54,800 (US$2.09) each through an initial public offering to raise VNĐ611 billion ($23.38 million) to fund its core businesses.

DatVietVAC held an investor roadshow in HCM City on August 11 to present its IPO plan, business model, and 2026-30 development strategy.

The shares will represent about 10 per cent of its outstanding shares after the IPO, implying a post-offering market capitalisation of VNĐ6.11 trillion ($233.8 million).

The IPO is scheduled to run until September 7, with allocation on September 8-9 and payment to be made by September 17.

DatVietVAC aims to list on the Hochiminh Stock Exchange in October. The company said 65 per cent of the shares had attracted registrations or expressions of interest after a week.

The IPO comes as DatVietVAC expands beyond its traditional media and content production model to capture the full lifecycle value of content through IP ownership and commercialisation.

The company has two main businesses: content and media services.

Content, covering programme production, events and concerts, artist management and content-asset exploitation, accounts for 85-90 per cent of its profits.

In 2025, it reported revenues of VNĐ1.73 trillion and operating profits of VNĐ436 billion.

Vice chairman and CEO Đào Văn Kính said DatVietVAC’s model allows a single programme to generate multiple revenue streams through sponsorships, music, concerts, copyrights, artists, merchandise, and direct-to-consumer activities over multiple seasons and years.

The company has about 270 million followers across platforms, around 67 billion annual views and a library of more than 2,000 protected IP assets, including show formats, musical works, films and application designs.

Its entertainment programmes attract large audiences.

Anh Trai “Say Hi” alone recorded more than 40 billion views over two seasons, according to the company.

It has also built a community of more than two million fans and sold 167,000 concert tickets and 224,000 pieces of content-related merchandise last year.

It targets revenues of VNĐ3.5 trillion and after-tax profit of VNĐ420 billion this year, and VNĐ5 trillion and VNĐ780 billion by 2030.

The company also plans to take its artists and concert programmes to international markets.

Vietcap Securities Joint Stock Company, adviser to the offering, said DatVietVAC’s competitive strengths include large-scale content production, multi-channel distribution, an artist management ecosystem, advance sponsorship arrangements, and a commercialisable copyright portfolio.

The IPO price of VNĐ54,800 is 33 per cent below an independent valuation of VNĐ81,716 per share, representing a forward P/E of about 13.

Vietcap said this is attractive compared with the entertainment industry in Southeast Asia and Asia, where the average forward P/E is 18.1 and the median is 16.1.

Founder and chairman Đinh Bá Thành said the IPO comes at an opportune moment as the Government and society place increasing emphasis on cultural development. — BIZHUB