The retailer initially planned to start the IPO at the end of this month, with a target to raise about $500 million/Bloombergby Bloomberg
Mr DIY Group, Malaysia’s biggest home improvement retailer, is considering postponing its planned initial public offering (IPO) after the country’s equities market tumbled on political uncertainty.
The company will finalise a decision on the share sale plan as soon as this week. The retailer initially planned to start the IPO at the end of this month, with a target to raise about $500 million.
Malaysian stocks saw their 12-year bull run end last week on concern about the coronavirus outbreak and Mahathir Mohamad’s surprise resignation. The Prime Minister’s move kicked off a week of horse-trading as rival camps jostled to fill the power vacuum.
The King appointed Muhyiddin Yassin as the new Prime Minister on 29 February 2020. Mahathir said that he has the support of enough lawmakers to form a majority government and is planning an urgent confidence vote in parliament.
The retailer, which opened its first store in Malaysia in 2005, runs more than 588 outlets across the country. The company sells over 14,000 types of products in ten categories including furniture, computer accessories, household and toys. Mr DIY counts Tesco and Aeon among its business partners.