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KUALA LUMPUR / HONG KONG (Oct 6): Malaysian home improvement retailer Mr DIY Group opened the books for its initial public offering (IPO) of RM1.5 billion on Tuesday, the country’s largest listing on three years.
The company set the offering price at RM1.60 per share, giving it an estimated market capitalization of RM10 billion. The book creation period will last seven business days, before pricing on October 14 and listing on October 26.
DIY joins several other Southeast Asian companies planning IPOs this year, including Thailand’s Siam Cement Group Packaging and the Philippines’ Converge ICT Solutions Inc, a trend signaling an uptick in fundraising activity in underperforming markets. region of.
Mr DIY’s listing is on track to be Malaysia’s largest since Lotte Chemical Titan raised RM3.77 billion in July 2017.
Mr DIY offers up to 941.5 million shares, representing around 15% of its expanded issued share capital.
Of the institutional offering, 14 fundamental investor groups will acquire 3.7% of the expanded issued shares, according to a term sheet.
Reuters previously reported that fundamental investors include BlackRock Inc, AIA Group Ltd and JP Morgan Asset Management, citing sources.
Most of the proceeds from the IPO would be used to pay off bank loans, according to the document.
The value of Southeast Asian IPOs so far this year is $ 4.6 billion, up from $ 3.1 billion a year ago, Refinitiv data shows, primarily due to the $ 3 billion raised by Central Retail. from Thailand in February.
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