PETALING JAYA: Malaysian home-improvement retailer MR DIY Group (M) Bhd
is considering listing its Indonesian unit in Jakarta as soon as this year or early 2025, according to people familiar with the matter.
MR DIY is working with banks on an initial public offering (IPO) plan, the people said, asking not to be identified discussing private information.
It could seek to raise as much as US$300mil, two of the people said, which would give a welcome boost to Indonesia’s lacklustre IPO market.
Deliberations are ongoing, including on details such as size, the people said.
Representatives for MR DIY didn’t respond to a request for comment.
IPO proceeds in Indonesia this year have dropped 90% from the same period in 2023 to US$317mil, data compiled by Bloomberg showed.
MR DIY aims to use the proceeds from the offering to expand its business, the people said.
MR DIY has 800 stores in Indonesia after entering the market in 2017, according to its website. It has about 3,500 stores around South-East Asia.
The company, which raised US$363mil in a Malaysia IPO in 2020, also plans to list its Thai unit in Bangkok, according to a filing last week. — Bloomberg
