Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Malaysia's Mr DIY secures IPO investors, including BlackRock, JP Morgan

10/02/2020 | 06:11am EST
FILE PHOTO: A J.P. Morgan logo is seen in New York City

Malaysian home-improvement retailer Mr DIY has secured more than a dozen cornerstone investors, including BlackRock Inc, AIA Group Ltd and J.P. Morgan Asset Management for a market debut that could raise 1.5 billion ringgit ($360.75 million), sources said.

The initial public offering (IPO) would be the largest in Malaysia for more than three years. Lotte Chemical Titan raised 3.77 billion ringgit in July 2017.

Other cornerstone investors include Fidelity Investments and Aberdeen Standard Investments, one of four sources with knowledge of the deal said.

The company has set the offering at an indicative IPO price of 1.60 ringgit with the aim of raising around 1.5 billion ringgit, said sources, who declined to be named as the process is private.

One said some of the foreign funds are returning as IPO cornerstone investors in the Malaysian market after a few years of hiatus, keen on the Mr DIY's business that sells household, hardware and electrical products at affordable prices in over 600 stores.

"They like the company and there is lots of interest in this sector which has done very well," the source said. The business has performed during the COVID-19 pandemic as people spend more time at home and carry out improvements.

AIA declined to comment. Mr DIY, BlackRock, JP Morgan Asset Management, Fidelity Investments and Aberdeen Standard Investments did not immediately reply to a request for comment.

Mr DIY, backed by private equity firm Creador, in January listed a draft prospectus but in March decided to delay its listing before Malaysia went into a movement control order to curb the spread of the novel coronavirus.

It restarted its IPO process in July as business picked up after movement restrictions were eased from May.

The company will launch its prospectus next week.

($1 = 4.1580 ringgit)

By Liz Lee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIA GROUP LIMITED -3.28% 100.4 End-of-day quote.5.68%
BLACKROCK, INC. -0.96% 735.05 Delayed Quote.2.86%
LOTTE CHEMICAL CORPORATION -1.87% 289000 End-of-day quote.4.71%
LOTTE CHEMICAL TITAN HOLDING -2.80% 2.78 End-of-day quote.0.36%
LOTTE CORPORATION 1.39% 36400 End-of-day quote.3.12%
Latest news "Companies"
05:56pBlackstone-backed Patria eyes expansion in Latam, Asia
RE
05:56pACM RESEARCH : ROSEN, RECOGNIZED INVESTOR COUNSEL, Reminds ACM Research, Inc. Investors of Important Deadline in Securities Class Action - ACMR
PR
05:56pPG&E : January 21, 2021 – Electric Incident Report
PU
05:56pCOSAN S A INDÚSTRIA E COMERCIO : Material Fact - Corporate Restructuring Approval on ESM
PU
05:55pFCPT Announces Tax Treatment of 2020 Distributions
BU
05:54pPORT HOUSTON : Commission Meeting January 26
BU
05:50pDISCOVERY : HGTV RENEWS ‘HELP! I WRECKED MY HOUSE' STARRING HOME RENO EXPERT JASMINE ROTH
PU
05:46pGOL LINHAS AEREAS INTELIGENTES S A : 2021 Corporate Events Calendar
PU
05:42pTENARIS S A : and Samsung close commercial agreement for Dos Bocas Refinery in Mexico
PU
05:39pOil-producing Native American tribe seeks exemption from Biden drilling pause
RE
Latest news "Companies"