Malaysia’s Mr DIY mulls US$362 million float
Malaysian home improvement brand Mr DIY is considering an IPO to raise about MYR1.5 billion (US$362 million).
An industry source has revealed that the firm intends to list its domestic operations later this year on either the Malaysian or Hong Kong exchange with backing from Malaysian private equity firm Creador, which invested in the brand over two years ago.
A Bloomberg report stated the IPO could bring Mr DIY to a market value of MYR10 billion (US$2.426 billion).
Mr DIY operates around 600 locations in Southeast Asia. Last October, the company revealed plans to open at least 1000 branches by 2020.
Head of marketing Andy Chin said then: “We feel that our home improvement retail business model, offering a variety of goods at affordable prices, is suitable for better business growth in the country as well as the Asean market. At the end of this year, we target 700 global branches, and the number may reach 1000 or more by 2020. These will be based on an organic growth.”
He added that the company’s prospect of Asean-level expansion will be focused on Indonesia, Thailand and the Philippines”.
Mr DIY is the largest home appliance retailer in Malaysia with more than 20,000 SKUs.