(Bloomberg) – The Indonesian sister company of home improvement retailer Mr. DIY Group (M) Bhd. is considering listing its shares in Jakarta as early as this year or early 2025, according to people familiar with the matter. It is said that there is
Most Read Articles on Bloomberg
DIY Indonesia is working on an initial public offering plan with banks, the people said, asking not to be identified discussing personal details. The deal could aim to raise up to $300 million, two of the people said, which would be a welcome boost to Indonesia’s sluggish IPO market.
According to officials, discussions are underway, including details such as scale.
Representatives for Mister DIY Group did not respond to requests for comment.
Indonesia’s IPO proceeds this year were down 90% to $317 million compared to the same period in 2023, according to data compiled by Bloomberg.
According to people involved, Mister DIY aims to use the proceeds from this recruitment to expand its business. According to its website, Mister DIY has opened 800 stores in Indonesia since entering the market in 2017. It has approximately 3,500 stores in Southeast Asia.
Mister DIY Group raised $363 million in a Malaysian IPO in 2020. Its Thai sister unit also plans to list in Bangkok, according to a filing this month.
–With assistance from Ram Anand.
(Corrects first and last paragraphs of article published on September 11 to clarify that Mister DIY Indonesia and Mister DIY Thailand are each sister companies of Mister DIY Group (M).)
Most Read Articles on Bloomberg Businessweek
©2024 Bloomberg LP
