Jakarta, Indonesia Sentinel — PT Daya Intiguna Yasa Tbk (MDIY), the franchise operator of MR.DIY in Indonesia, has launched its initial public offering (IPO), targeting proceeds of up to IDR 4.17 trillion (approximately $270 million). The company plans to sell 2.5 billion shares, representing 10% of its total outstanding shares.
According to its prospectus, released Monday, November 25, 2024, the share price is set between IDR 1,650 and IDR 1,870 per share. Of the shares offered, 9% (2.2 billion shares) will come from the holdings of Azara Alpina Sdn Bhd, the majority shareholder, while 1% (252 million shares) will be newly issued.
Timeline and Key Details
The IPO process includes a book-building period from November 25 to December 3, 2024, followed by the public offering from December 13 to 17, 2024. Share allocation will occur on December 17, with distribution the next day, and MDIY is set to list its shares on the Indonesia Stock Exchange (IDX) on December 19, 2024.
After the IPO, Azara Alpina will remain the controlling shareholder with an 85.71% stake, while public investors will own 10%.
MDIY has appointed CIMB Niaga Sekuritas and Mandiri Sekuritas as underwriters to manage the process.
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Market Position and Use of Funds
As the exclusive operator of MR.DIY stores in Indonesia, MDIY is a significant player in the country’s retail market. The funds raised through the IPO will support business expansion, enhance operational capabilities, and ensure financial flexibility in a competitive retail environment.
By maintaining a strong presence in urban and suburban areas, MDIY continues to cater to a growing demand for affordable and quality household goods.
This IPO marks a strategic step for the company as it seeks to leverage public capital to strengthen its market position.
(Becky)
