JAKARTA. PT Daya Intiguna Yasa Tbk (MDIY), a retail company known as MR DIY, will conduct initial public offering (IPO) by issuing 2.51 billion shares or equal to 10% of issued and paid-up capital.

This corporate action is deemed a monumental milestone for MR DIY after entering the Indonesian market in 2017.

“Our vision is to continue expanding our network in order to reach more customers across Indonesia, providing high-quality products with the best value and affordable for everyone,” said Edwin Cheah, President Director of MDIY, in the written disclosure today (25/11).

For this IPO, each share will be offered for a price ranging from IDR 1,650 to IDR 1,870. Assuming that the price is set to the upper range, the company might potentially gain fresh funds of up to IDR 4.71 trillion from IPO.

The book building of MDIY is set to take place from November 25 to December 3, 2024, while the listing on Indonesia Stock Exchange (IDX) will follow on December 19, 2024.

As of now, MDIY has managed over 800 outlets in various regions. Approximately 400 outlets were launched within its first 5 years of establishment (2017-2022), while the expansion of the remaining stores only need 2 years (2022-2024).

“It demonstrates our capability to advance growth and reach more customers in various regions,” said Cheah.

In the prospectus, MDIY is said to allocate approximately 60% of IPO proceeds to settle loan principals. Then, another 30% will be channelled for new outlet expansion, while the remaining 10% will be used for working capital. (KR/ZH)