Malaysian home improvement retailer MR. D.I.Y. Group (M) Sdn Bhd is interviewing potential underwriters for a public listing in Kuala Lumpur that could raise up to $500 million, Bloomberg News reported, citing people with knowledge of the matter.
Mr. D.I.Y., backed by Kuala Lumpur-based private equity firm Creador Sdn Bhd, is targeting a market valuation of 10 billion ringgit for the IPO, which could happen as soon as the end of 2019, the news outlet reported Jan. 3.
The IPO talks are at an early stage, and details of the offering could change. Any IPO reportedly may involve only Mr. D.I.Y.'s domestic operations, covering over 500 stores, and leave out its businesses in Thailand, Brunei and Indonesia.
Brahmal Vasudevan, the CEO of Creador, told Bloomberg that Mr. D.I.Y. is exploring an IPO and expects to make a decision in February. However, Mr. D.I.Y. officials did not respond immediately to Bloomberg's email and phone calls seeking comment.
As of Jan. 2, US$1 was equivalent to 4.14 Malaysian ringgit.