Bao Tin Manh Hai Jewellry JSC (BTMH), one of Vietnam’s largest gold retailers, is gearing up for an initial public offering (IPO) in the fourth quarter as the company accelerates store expansion plans and positions itself to benefit from sweeping reforms in the country’s gold market.
The Hanoi-based jeweller is currently in the pre-IPO stage and plans to begin investor roadshows in June. While the target of the fundraising was not disclosed, Bao Tin Manh Hai plans to offer up to 10 million shares, equivalent to a maximum 20% stake of outstanding shares.
The company currently has a charter capital of 500 billion dong and expects to conduct the offering in the third to fourth quarters of 2026.
Proceeds from the IPO will be used to supplement working capital and support the company’s business expansion plans. The company aims to complete its end-to-end supply chain by investing in a high-tech 24K jewellery manufacturing plant that combines advanced production technology with the craftsmanship of skilled artisans.
The company is working with advisers, including SSI Securities Corp., on valuation and listing preparations. Bao Tin Manh Hai is targeting a listing on the Ho Chi Minh City Stock Exchange in the same quarter as the IPO and is already in talks with potential strategic investors.
If completed, the listing would make Bao Tin Manh Hai only the second Vietnamese gold and jewellery company to trade on a domestic bourse after Phu Nhuan Jewelry JSC, which debuted in 2009.
In November 2016, Mekong Capital’s Vietnam Azalea Fund completed the sale of 100% of its investment in Phu Nhuan Jewelry Company (PNJ), one of Vietnam’s largest jewellery manufacturers and retailers. The fund invested in PNJ in December 2007.
The BTMH’s IPO plan was first reported by Bloomberg.
The planned listing comes as Vietnam’s government abolished the state monopoly on gold bar production last year and aims to boost raw material supply, narrow the gap between domestic and international gold prices, and strengthen oversight of the sector.
Founded more than 30 years ago as a family-owned business, Bao Tin Manh Hai is aiming to expand its retail footprint to 450 stores by 2030. The company currently operates 16 outlets across Hanoi, Ho Chi Minh City, Bac Ninh, and Haiphong, and plans to add another 68 stores this year.
“Our vision for 2030 is to establish BTMH as Vietnam’s leading ‘national gold brand’ and build it into the country’s largest jewellery company, with a target market capitalisation of $2.2 billion. This is not merely a financial milestone, but our strongest commitment to millions of customers,” the company’s Chairman Vu Hung Son said in an interview.
BTMH posted after-tax profit of 774 billion dong ($29.4 million) last year, up sharply from 21.9 billion dong in 2024, according to figures released in March. Revenue surged to nearly 28 trillion dong from around 2.5 trillion dong a year earlier. Son said the company expects revenue to at least double again this year.
