Home-improvement chain Mr DIY’s Indonesian unit is said to eye IPO in late 2024

MALAYSIAN home-improvement retailer Mr DIY Group (M) 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 plan, the people said, asking not to be identified discussing private information. It could seek to raise as much as US$300 million, 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 did not respond to a request for comment.

IPO proceeds in Indonesia this year have dropped 90 per cent from the same period in 2023 to US$317 million, data compiled by Bloomberg show.

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.

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The company, which raised US$363 million in a Malaysia IPO in 2020, also plans to list its Thai unit in Bangkok, according to a filing last week. BLOOMBERG