By Stella Goh

MR D.I.Y Group (M) Berhad has signed an underwriting agreement with several banks such as CIMB Investment Bank, Maybank Investment Bank, RHB Investment Bank, AmInvestment Bank, Hong Leong Investment Bank and Kenanga Investment Bank for its IPO which comprises 941.49 million of new and existing shares. The company is seeking to list on the Main Market of Bursa Malaysia.

According to the news, the institutional offering 779.95 million of IPO shares comprises of 470.74 million of shares to approved Bumiputera investors and 309.21 million of existing shares to Malaysian institutional and selected investors, foreign institutional and selected investors outside the US and qualified institutional buyers in the US. While as for its retail offering of 161.53 million of IPO shares, they comprise of 36 million new shares directors and employees and 125.53 million new shares to the Malaysian public.

MR DIY has grown to become the largest home improvement retailer in Malaysia with an estimated market share of 29.1% in 2019 based on its revenue for financial year ended 31 December 2019 since the incorporation of the group’s first store in 2005. As of 6 September 2020, the company operates 640 stores across Malaysia and four stores in Brunei under “MR DIY” brand, with a further 28 stores in Peninsular Malaysia under the “MR TOY” brand.

According to the MR DIY’ Chief Executive Officer Adrian Ong, although the markets have been severely impacted by the Covid-19 pandemic over the past few months, the company feels optimistic and tapping into the capital markets will helps to accelerate their growth plans, as they will continue to scale their store network to capitalise on the underpenetrated home improvement retail sector in Malaysia.

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