Indonesian arm of Malaysia's Mr DIY seeks to raise $297 mln in IPO
IPO to be biggest since Amman Mineral's listing in 2023
Company to debut on Jakarta exchange on Dec. 19
Proceeds to repay bank loan, open new stores, working capital
Adds context and LSEG data in paragraphs 2-4
By Stefanno Sulaiman
JAKARTA, Nov 25 (Reuters) -The Indonesian arm of Malaysia-based home improvement retailer Mr DIY Group MRDI.KL is seeking to raise up to 4.71 trillion rupiah ($297 million) in an initial public offering, according to a prospectus published on Monday.
At $297 million, the listing by Daya Intiguna Yasa will be Indonesia's largest IPO in more than a year, following Amman Mineral Internasional's AMMN.JK listing in July 2023, according to data compiled by LSEG.
IPO proceeds raised in Indonesia, Southeast Asia's biggest economy, dropped to $298.4 million in the first nine months of the year, from $3.26 billion in 2023, LSEG data showed.
The drop came against the backdrop of Indonesia's elections and leadership transition this year.
Daya Intiguna Yasa is offering 10% of its equity or up to 2.52 billion shares in a range of 1,650 rupiah to 1,870 rupiah each, according to the prospectus.
The book building period started from Monday and the company expects to be listed on the Indonesian stock exchange on Dec. 19.
The company plans to allocate 60% of the IPO proceeds to repay a bank loan, 30% to launch more stores, and 10% for working capital, according to the prospectus.
CIMB Niaga Sekuritas and Mandiri Sekuritas are the underwriters for the IPO.
Mr DIY has holds a presence in Indonesia since 2017 and has opened stores in almost all provinces, according to its website.
($1 = 15,855.0000 rupiah)
Reporting by Stefanno Sulaiman; additional reporting by Yantoultra Ngui in Singapore; Editing by Stephen Coates and Sherry Jacob-Phillips
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