Mr DIY revives IPO plan, launches new format

Mr DIY Group has revived plans for a US$500 million IPO following the postponement in March due to the coronavirus.

The deal, which could be the largest Malaysian IPO in four years, is now pending the enthusiasm of potential investors and could be scheduled for October. It would be singularly responsible for lifting the country’s beleaguered equity capital market, floundering at just $70.7 million worth of IPOs thus far this year.

Mr DIY saw record sales in May and June following the partial lifting of Malaysia’s movement restriction order.

The firm has recently launched its new dollar store concept in the territory, selling snacks, drinks and food items for either RM2 or RM5, while its core business is now trading in Vietnam through a franchise partner, with two stores already in business and another under construction in Ho Chi Minh City’s Estella Place, scheduled to open in October.