Food
Malaysian home improvement retailer MR DIY Group opened the books for its 1.5 billion ringgit ($361.71 million) initial public offering (IPO) on Tuesday, the country’s largest listing in three years.
The company fixed the offer price at 1.60 ringgit per share, giving it an estimated market capitalization of 10 billion ringgit. The bookbuild period will last seven working days, before pricing on Oct. 14 and listing on Oct. 26.
MR DIY joins a number of other Southeast Asian companies planning IPOs this year, including Thailand’s Siam Cement Group Packaging and Philippines’ Converge ICT Solutions Inc, a trend that signals an uptick in fundraising activity in underperforming markets.
The MR DIY listing is on track to be the largest in Malaysia since Lotte Chemical Titan raised 3.77 billion ringgit in July 2017.
Offering up to 941.5 million shares, representing around 15% of its enlarged issued share capital, MR DIY said it planned to use the IPO proceeds primarily to repay bank borrowings.
