KUALA LUMPUR (Oct 15): Malaysian brothers Tan Yu Yeh and Yu Wei, who founded the Mr DIY home improvement retail chain, are taking their Thai business public in Bangkok.

The initial public offering (IPO) will raise up to RM470 million for MR DIY Holding (Thailand) PCL for its expansions and operations, according to its prospectus on the Stock Exchange of Thailand. The IPO will also raise another RM263 million for current shareholder MDIH Singapore Pte Ltd.

The Thai company, which operates more than 1,000 stores, is run and owned separately from MR DIY Group (M) Bhd (KL:MRDIY) listed in Malaysia and only shares the same major shareholder.

The self-made Tan brothers are worth US$2.15 billion (RM9.09 billion) and ranked 12th richest in Malaysia, according to Forbes. Last year, they listed their Indonesian business PT Daya Intiguna Yasa Tbk, which is also neither a subsidiary nor an associate of the listed entity in Malaysia.

Mr DIY first opened its doors in July 2005 as a small hardware store in Jalan Tuanku Abdul Rahman in Kuala Lumpur. Today, the brand has more than 5,000 stores selling everything from screwdrivers to plushies across Asia, Europe and Africa, according to its website.

In Thailand, Mr DIY is targeting to open at least 200 stores this year and another 210 branches in 2026, its listing prospectus showed. Proceeds from the IPO will also be used as working capital and to repay bank borrowings.

The IPO in Thailand, priced at between 8.30 baht (RM1.08) and 8.60 baht per share, will be opened for subscription from Oct 27 until Oct 29. All in all, the listing will offer investors up to 10.89% in the company.