Mr. D.I.Y., Malaysia’s biggest home improvement retailer, is exploring an initial public offering that could raise about $500 million, according to Bloomberg. The company has been interviewing potential underwriters as it considers a listing in Kuala Lumpur, according to the people. Mr. D.I.Y. is targeting a market value of about 10 billion ringgit ($2.4 billion), the site reported, quoting sources who asked not to be identified because the information is private.
Mr. D.I.Y., which is backed by private equity firm Creador, could list as soon as the end of the year, the people said. It is considering including only its domestic operations in the listed vehicle, one of the people said.
Creador Chief Executive Officer Brahmal Vasudevan confirmed to Bloomberg that Mr. D.I.Y. is exploring an IPO and expects to make a decision in the next month. Mr. D.I.Y. joins other private equity-backed firms in seeking to sell shares in Malaysia. KFC restaurant operator QSR Brands (M) Holdings Sdn., which is backed by CVC Capital Partners, and Leong Hup International Bhd., a poultry producer part-owned by Affinity Equity Partners, have also been preparing to list in the domestic market.
Mr. D.I.Y. has over 500 outlets throughout Malaysia, one of the people said. It has more than 4,000 employees and serves over 78 million customer annually at its stores in Malaysia. The company has also expanded its operations to Thailand, Brunei and Indonesia.