automotive

MR DIY Is Set To Be Listed On The Indonesia Stock Exchange; Take A Look At Its Offerings

PT Daya Intiguna Yasa Tbk, known by its brand MR DIY, has announced its intention to conduct an initial public offering (IPO). Edwin Cheah, the President Director of PT Daya Intiguna Yasa Tbk, stated that this initiative aims to accelerate expansion and strengthen its position as a leader in the retail industry. "MR DIY plans to offer 2,519,039,400 shares to the public through the IPO, representing 10 percent of the paid-up and issued capital post-IPO. The shares will be priced between Rp 1,650 and Rp 1,870 each," he mentioned in an official statement on Monday, November 25, 2024.

The initial offering period, or bookbuilding, will take place from Monday, November 25, to Tuesday, December 3, 2024. MR DIY is scheduled to be listed on the Indonesia Stock Exchange (IDX) on Thursday, December 19, 2024, under the stock code MDIY. The company has appointed PT CIMB Niaga Sekuritas and PT Mandiri Sekuritas as the underwriters for the issuance.

Through this IPO, MR DIY has the potential to raise up to Rp 4.71 trillion. This amount includes Rp 471.06 billion from the new share offering and Rp 4.24 trillion from the sale of shares by existing shareholders. Edwin explained that the funds raised from the IPO will be allocated for various purposes.

Approximately 60 percent of the proceeds will be used for debt repayment, while 30 percent will be allocated for the costs associated with opening new stores in the Jabodetabek area, as well as in Java, Sumatra, Sulawesi, Kalimantan, Nusa Tenggara, Papua, and the Maluku Islands. The remaining 10 percent will be utilized as working capital for operations. "With over 800 stores across Indonesia, MR DIY has become a primary destination for household needs in various regions," he added.

Edwin stated that during the first five years, from 2017 to 2022, the company successfully opened 400 stores. In contrast, over the last two years, from 2022 to 2024, an additional 400 stores have been established. "This IPO is not solely focused on business growth; it is also aimed at creating a positive impact on Indonesian society. With this initiative, we are confident that MR DIY will continue to be a reliable partner for customers, the community, and shareholders," Edwin concluded. As of June 30, 2024, MR DIY reported revenues of IDR 3.2 trillion and a net profit of IDR 534 billion, alongside a robust cash flow position of IDR 361 billion. Furthermore, the net profit has shown a significant turnaround, moving from a loss of IDR 80 billion in 2021 to a profit of IDR 353 billion in 2023.

Tag: Daya Intiguna Yasa Initial Public Offering