Vua Nem plans to proceed initial public offering in 2023

The company was founded in 2007 by Hoang Tuan Anh and Nguyen Vu Nghia, who established the business after realizing the potential of the e-commerce market. In 2017, Mekong Capital invested in Vua Nem, leading to the merger of Dem.vn and Vuanem.com into the brand as it is today. 

Vua Nem has since expanded its store network to 158 locations across the country, achieving a 128% revenue growth in 2022 compared to the previous year.

The company's shareholder structure includes foreign investors such as Woods Samuel Adam (US), Future Changer Pte. LTD (Singapore), and Craig David Schmeizer, founder of Resident Home and creator of US-based online mattress brand Nectar Sleep. 

Schmeizer sits on the Vua Nệm board of directors as an advisor for digital marketing strategies to improve operational efficiency and support the company's staff to achieve growth targets.

As of December 31, 2021, Vua Nem had a charter capital of $1.82 million, with accumulated losses amounting to $5.68 million. However, the company achieved its first profitable year in 2021, with $168,250 in after-tax profit and $17.91 million in revenue.

The company had previously recorded post-tax losses for three consecutive years, with revenues around $12.57-$16.76 million per year. At the beginning of 2022, Vua Nem set a revenue target of $42 million and a post-tax profit of nearly $630,000.

Source: VietnamBiz