JAKARTA, Nov 26 — The Indonesian arm of Malaysia-based home improvement retailer Mr DIY Group is seeking to raise up to 4.71 trillion rupiah (RM1.32 billion) in an initial public offering, according to a prospectus published yesterday.

At US$297 million, the listing by Daya Intiguna Yasa will be Indonesia’s largest IPO in more than a year, following Amman Mineral Internasional’s listing in July 2023, according to data compiled by LSEG.

IPO proceeds raised in Indonesia, South-east Asia’s biggest economy, dropped to US$298.4 million in the first nine months of the year, from US$3.26 billion in 2023, LSEG data showed.

The drop came against the backdrop of Indonesia’s elections, opens new tab and leadership transition this year.

Daya Intiguna Yasa is offering 10 per cent of its equity or up to 2.52 billion shares in a range of 1,650 rupiah to 1,870 rupiah each, according to the prospectus.

The book building period started from yesterday and the company expects to be listed on the Indonesian stock exchange on December 19.

The company plans to allocate 60 per cent of the IPO proceeds to repay a bank loan, 30 per cent to launch more stores, and 10 per cent for working capital, according to the prospectus.

CIMB Niaga Sekuritas and Mandiri Sekuritas are the underwriters for the IPO.

Mr DIY has holds a presence in Indonesia since 2017 and has opened stores in almost all provinces, according to its website. — Reuters