by TMR / pic credit: mrdiy.com
MR DIY Group (M) Bhd, on route to list on the Main Market of Bursa Malaysia, will offer some 941.5 million new and existing ordinary shares to the public at a price to be determined later.
The company will offer 779.96 million shares to institutional investors, of which 470.7 million IPO shares will go to the Bumiputera investors approved by the Ministry of International Trade and Industry.
Some of the 309.2 million existing Mr DIY’s ordinary shares will be offered to Malaysian institutional and selected investors, foreign institutional and selected investors outside the US and qualified institutional buyers in the US, the press release stated yesterday.
The retail offering consists of 161.5 million IPO shares comprising 36 million new Mr DIY ordinary shares to directors and employees, and 125.5 million new Mr DIY ordinary shares to the Malaysian public.
The group opened its first store in 2005 and has since grown to operate 640 stores in Malaysia and become the largest home improvement retailer in Malaysia with an estimated market share of 29.1% in 2019 based on its revenue for the financial year ended Dec 31, 2019.
All Mr DIY stores are managed directly and the retailer often works in collaboration with owners of shop-front properties or owners of malls.
It also has four stores in Brunei under the Mr DIY brand.
Mr DIY stores offer a wide selection of products — with some 16,600 stock-keeping units — across five major categories, namely hardware; household and furnishing; electrical; stationery and sports equipment; and others (comprising toys, car accessories, jewellery, cosmetics, and food and beverage [F&B] items).
The company has a further 28 stores in Peninsular Malaysia under the Mr TOY brand. The brand focuses on affordable toys and other products for children and babies.
In August, the group developed and launched a new concept store called Mr DOLLAR catering to consumer demand for F&B items and essential household products, for the mass market with all products at fixed price points of either RM2 or RM5.
“Tapping into the capital markets will help accelerate our growth plans, as we continue to scale our store network to capitalise on the underpenetrated home improvement retail sector in Malaysia,” Mr DIY’s CEO Adrian Ong said.