(Nov 25): The Indonesian sister company of Mr DIY Group (M) Bhd (KL:MRDIY) will list shares in Jakarta through an initial public offering (IPO) that seeks to raise as much as 4.7 trillion rupiah (US$297 million or RM1.32 billion), in what would be the nation’s biggest listing in more than a year.
PT Daya Intiguna Yasa, the Indonesian affiliate of the Malaysian home-improvement retailer, plans to offer as many as 2.5 billion shares in the IPO, including 2.3 billion shares currently held by shareholder Azara Alpina Sdn Bhd, according to Mr DIY’s listing document on Monday. The company is marketing the shares at 1,650 rupiah to 1,870 rupiah apiece.
Its early book-building period runs from Monday until Dec 3, and the offering period from Dec 13 to 17. The company expects to list the shares on Dec 19. Bloomberg News in September reported the company was considering listing its shares as early as this year in a deal that could raise as much as US$300 million.
The equity raising would boost initial offerings in Indonesia that has garnered just US$371.5 million so far this year, far below the US$3.6 billion raised in all of 2023, according to data compiled by Bloomberg. Mr DIY’s Jakarta IPO would also be the biggest in the nation since gold miner PT Amman Mineral Internasional’s listing in July 2023.
Mr DIY’s Indonesia business, which operates more than 800 stores in the country, posted a profit of 534.7 billion rupiah for the first half of the year. It plans to use about 60% of proceeds to pay debt and the rest to open new stores and fund working capital.
Mr DIY Group’s IPO raised about US$363 million in Malaysia in 2020. Its Thailand sister company also plans to list in Bangkok. PT CIMB Niaga Sekuritas and PT Mandiri Sekuritas are arranging the Jakarta IPO.
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