Vietcap Securities has confirmed that subscription orders for the group’s initial public offering (IPO) closed on September 7 with total demand exceeding the entire allocation on offer. DatViet VAC Group Holdings offered 11.15 million shares at $2.19 per share, seeking to raise over $24.4 million.
Photo: DatVietVAC
The shares represent approximately 10 per cent of the enterprise’s post-IPO equity, valuing the group at around $244.4 million.
Share allocations are scheduled to be completed on September 9, followed by a payment window running from September 10 to 17. The group plans to officially list its shares on the Ho Chi Minh City Stock Exchange (HSX) in October.
The transaction pulled in prominent international and domestic institutional investors alike, including Hong Kong-based Blue Pool Capital, an asset management firm linked to Alibaba co-founder and chairman Joseph Tsai.
Blue Pool, which has raised $1.4 billion for its inaugural private equity fund, joined Thailand’s BBL Asset Management and local firm Phoenix Holdings in subscribing to the offering.
Net proceeds from the share sale will be deployed to bolster capital at a subsidiary, execute financial restructuring, and settle outstanding bank debt.
Specifically, $21.48 million will be injected into DatViet VAC Media to support two subsidiaries, Dat Viet Media, and TKL, while $2.96 million will be injected into DatViet VAC Entertainment to enhance the production capacity of content units Vie Channel and Dong Tay Promotion.
The funding surge comes on the back of solid financial performance across the group’s core divisions. In 2025, the organisation recorded net revenue of $128 million and a net profit of $15.16 million.
For the full year, the company targets $140 million in revenue and $16.8 million in net profit, placing the offering price at a forward price-to-earnings ratio of 13 to 14 times.
As of late June, total assets stood at nearly $87.6 million, of which cash and bank deposits accounted for $50.4 million, or 57 per cent. With short-term borrowings at $19.64 million and no long-term liabilities, the group plans to distribute a cash dividend of at least $0.10 per share in the fourth quarter (Q4) of this year.
DatVietVAC is transitioning towards a comprehensive intellectual property lifecycle model, extending the commercial vitality of successful content across multiple seasons, live concerts, artist management, and direct-to-consumer offerings.
The group currently commands a library of over 2,000 protected intellectual property assets alongside popular entertainment franchises such as Rap Viet, The Masked Singer, 2 Days 1 Night, and the Say Hi music series.
DatVietVAC’s programming line up for 2026. Photo: DatVietVAC
Across digital platforms including Facebook, TikTok, YouTube, and Threads, the firm reaches 270 million followers and generates 67 billion annual views.
Commercialisation of artists generated $22.4 million in revenue in 2025, with management aiming to scale this figure to $60 million by 2030 through an upcoming artist development joint venture slated for launch in Q4.
DatVietVAC intends to launch a dedicated direct-to-consumer interaction platform in Q4, aiming for direct consumer spending to contribute 20 to 30 per cent of total group revenue by 2030. Long-term financial objectives set out by the company target $200 million in revenue and $31.2 million in net profit by 2030.
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