(Bloomberg) — The Indonesian sister company of home-improvement retailer Mr DIY Group (M) Bhd. is considering listing shares in Jakarta as soon as this year or early 2025, according to people familiar with the matter.
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Mr DIY Indonesia 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 $300 million, two of the people said, which would give a welcome boost to Indonesia’s lackluster IPO market.
Deliberations are ongoing, including on details such as size, the people said.
Representatives for Mr DIY Group didn’t respond to a request for comment.
IPO proceeds in Indonesia this year have dropped 90% from the same period in 2023 to $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 Southeast Asia.
Mr DIY Group raised $363 million in a Malaysia IPO in 2020. Its Thailand sister unit also plans to list in Bangkok, according to a filing this month.
–With assistance from Ram Anand.
(Corrects to clarify that Mr DIY Indonesia and Mr DIY Thailand are sister companies to Mr DIY Group (M) in first and last paragraph, respectively, for story originally published on Sept. 11)
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