Jakarta. Malaysian home improvement retailer MR DIY is set to raise approximately Rp4.15 trillion ($260.2 million) through the initial public offering (IPO) of its Indonesian unit, Daya Intiguna Yasa. The offering represents 10 percent of the company’s total shares, or 2.52 billion shares.

The IPO consists of 2.27 billion shares owned by Azara Alpina Sdn Bhd and 251.9 million newly issued shares by the company. According to the prospectus published in Investor Daily on Thursday, the IPO price has been set at Rp1,650 per share, the lower end of the initial bookbuilding range of Rp1,650 to Rp1,870 per share conducted between Nov. 25 and Dec. 3. 

Public subscription will take place from Dec. 13 to Dec. 17, with shares slated to debut on the Indonesia Stock Exchange (IDX) under the ticker symbol MDIY.on Dec. 19. CIMB Niaga Sekuritas and Mandiri Sekuritas are acting as underwriters for the offering.

Prior to the IPO, Azara Alpina Sdn Bhd holds a 95.67 percent stake in the company, with other shareholders including Darwin Cyril Noerhadi (2.30 percent), Agave Salmiana Sdn Bhd (1.27 percent), Loh Kok Leong (0.23 percent), Edwin Cheah Yew Hong (0.20 percent), and Indosam Pte Ltd (0.33 percent).

The ultimate beneficial owner and controller of Daya Intiguna Yasa is Tan Yu Yeh, who founded MR DIY in 2005. In a statement dated Oct. 29, Tan committed to maintaining control of the company for at least 12 months following the IPO.

Tan Yu Yeh: A Malaysian Billionaire

According to Forbes’ Real-Time Billionaires list as of Nov. 25, 2024, Tan Yu Yeh ranks as the 18th richest individual in Malaysia, with a net worth of $1.2 billion. Much of his wealth stems from MR DIY’s parent company, which he listed on the Malaysian stock exchange in October 2020, elevating both him and his brother, Tan Yu Wei, to billionaire status.

Daya Intiguna Yasa operates under the MR DIY brand, specializing in retailing household goods, furniture, hardware, stationery, cosmetics, toys, and other categories, including automotive accessories and electronics. As of June 30, the company operates 824 stores across Indonesia.

According to Frost & Sullivan, MR DIY is the largest player in Indonesia’s home improvement retail sector by store count, outperforming both domestic and international competitors in the non-grocery retail segment. Unlike other retailers, all MR DIY stores are company-operated rather than franchised.

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