The Indonesian business of Malaysia-based home improvement retailer Mr DIY is launching an initial public offering in Jakarta next month, seeking to raise up to 4.71 trillion rupiah (US$297 million).
The listing will be Indonesia’s largest IPO in more than a year, following Amman Mineral Internasional’s listing last July.
The affiliate – PT Daya Intiguna Yasa – plans to offer 2.5 billion shares, including 2.3 billion currently held by Azara Alpina Sdn Bhd, at 1650-1870 rupiah apiece, according to Mr DIY’s listing document.
The early book-building period runs from Monday until December 3, and the offering period will take place from December 13 to 17. The company expects to list its shares on December 19.
The company plans to allocate 60 per cent of the IPO proceeds to repay a bank loan, 30 per cent to launch more stores, and 10 per cent for working capital.
Mr DIY began operating in Indonesia in 2017 and has expanded to more than 800 stores in almost all provinces. The group’s IPO raised about US$363 million in Malaysia in 2020.
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