Indonesian arm of Malaysia's Mr.DIY seeks to raise $297 mln in IPO
JAKARTA, Nov 25 (Reuters) -The Indonesian arm of Malaysia-based home improvement retailer Mr.DIYis seeking to raise as much as 4.71 trillion rupiah ($297 million) in an initial public offering (IPO), according to a prospectus published on Monday.
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 use around 60% of the IPO proceeds to repay a bank loan, 30% to open new stores and the remaining 10% for working capital, according to the prospectus.
CIMB Niaga Sekuritas and Mandiri Sekuritas are the underwriters for the IPO.
Mr.DIY has had apresence 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; Editing by Stephen Coates
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