By Ying Xian Wong

Mr. D.I.Y. Group $(M)$'s sister company in Indonesia has started taking investor orders for its initial public offering, aiming to raise up to $296.7 million in what would be the nation's largest listing this year.

Daya Intiguna Yasa, which has the same major shareholder as the Malaysian home-improvement retailer, plans to offer 2.52 billion shares, including 2.3 billion shares held by Azara Alpina, at 1,650 rupiah to 1,870 rupiah each, it said in a prospectus filed to the Indonesian stock exchange late Monday.

Azara Alpina is an investment holding company related to Mr. D.I.Y. Group directors and key senior management.

Mr. D.I.Y.'s Indonesian business, which operates more than 800 stores in the country, posted a net profit of 534.7 billion rupiah, equivalent to $33.7 million, for the first six months of the year.

The company plans to use about 60% of the proceeds to repay loans, 30% to open new stores and 10% for working capital.

The early book-building period ends Dec. 3, and the offering period is from Dec. 13 to Dec. 17. Mr. D.I.Y. Indonesia expects to list the shares on Dec. 19.

CIMB Niaga Sekuritas and Mandiri Sekuritas are advising on the IPO.

Write to Ying Xian Wong at yingxian.wong@wsj.com

(END) Dow Jones Newswires

November 25, 2024 22:54 ET (03:54 GMT)

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