Jakarta. Daya Intiguna Yasa, the Indonesian unit of Malaysian home improvement giant MR DIY, surged 7 percent in its Jakarta debut on Thursday after raising Rp 4.15 trillion ($272 million) in its initial public offering (IPO).

Listed under the ticker MDIY on the Indonesia Stock Exchange, the shares opened at Rp 1,650 per share and climbed to Rp 1,770 within its first hour of trading.

Daya Intiguna specializes in household goods, furniture, hardware, stationery, cosmetics, toys, automotive accessories, and electronics. As of June 30, the company operates 824 stores across Indonesia under the MR DIY brand, making it the largest player in the country’s home improvement retail sector by store count, according to Frost & Sullivan. MR DIY outpaces both domestic and international competitors in the non-grocery retail segment. All MR DIY stores are directly operated by the company, with no franchising model.

The IPO involved the issuance of 2.519 billion shares, representing 10 percent of the company’s post-IPO paid-up capital. Of this, 1 percent comprised new shares issued by Daya Intiguna Yasa, while 9 percent were sold by major shareholder Azara Alpina Sdn Bhd.

Daya Intiguna Yasa is controlled by Malaysian billionaire Tan Yu Yeh, who founded MR DIY in 2005. In a pre-IPO statement, Tan committed to retaining control of the Indonesian unit for at least 12 months following the listing.

Proceeds from the IPO will be used to fund the company’s expansion plans, including the opening of new stores and strengthening its distribution network across Indonesia. A portion of the funds will also support operational working capital to drive growth.