Mr. DIY takes first step towards IPO
Mr. DIY Group (M) Berhad, the operator of Malaysia's biggest home improvement retailer with branches in Brunei Darussalam, has submitted the draft prospectus for its initial public offering (IPO) to the Malaysian stock exchange in what is the first step towards the company's much anticipated public float. The company plans to offer up to 941.49 mio shares, of which 564.89 mio are existing and 376.6 mio are new shares. Of the total volume, 84.7 per cent will be sold to Malaysians, while the remaining 15.3 per cent will be offered to foreigner investors. The listing is likely to take place in the second quarter of the year. Only Mr. DIY's operations in Malaysia and Brunei are part of the prospective IPO. Mr. DIY Malaysia is an investment holding company with retail subsidiaries that sell home improvement products and mass merchandise in Malaysia, where there are 566 stores, and Brunei, where there are four. Its stores range from 600 m² to 2 000 m². The company has earmarked MYR 62 mio (Malaysian ringgit, EUR 13.8 mio) from internally generated funds and bank borrowings for the opening 100 stores in 2020. Market analysts are expecting the company to raise as much as MYR 1.5 bn (EUR 333 mio) to MYR 2.1 bn (EUR 466 mio) from the public offering. Apart from the Malaysian and Brunei operations, Mr. DIY also has a presence in Thailand, Indonesia, the Philippines and Singapore.