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December 19, 2024 | 11:14 am
TEMPO.CO, Jakarta - PT Daya Intiguna Yasa Tbk (MDIY), also known as MR DIY, officially listed its shares on the Indonesia Stock Exchange (IDX) on Thursday, December 19, 2024. The retail company set its IPO price at Rp1,650 per share.
MR DIY Indonesia's president director Edwin Cheah said that the IPO proceeds will mainly be used to support the opening of new stores and expansion of the network. The aim is to strengthen the company's position in the Indonesian domestic market.
"The proceeds will also be used as working capital to ensure smooth operations and support sustainable business growth," Edwin said in a statement on Thursday, December 19.
MDIY is issuing 2,519,039,400 shares from its portfolio. This represents f the company's total issued and fully paid post-IPO capital, comprising 1 percent new shares issued by MDIY and 9 percent shares owned by Azara Alpina Sdn. Bhd. the selling shareholder. As a result, the total funds raised from this IPO amounts to Rp4.15 trillion.
Edwin said one of MR DIY's key strengths is its efficient and adaptive operating strategy. The company consolidates large orders from across its store network, allowing it to achieve significant economies of scale.
He noted that this approach not only improves operational efficiency, but also enables the company to offer high-quality products at more competitive prices while maintaining healthy profit margins. "On the other hand, we optimize management through product supply management," he added.
Edwin stated that MR DIY currently has 800 stores across Indonesia. He said that during its first five years of operation in Indonesia (2017-2022), MR DIY opened 400 outlets. In the following two years (2022-2024), the company expanded by 400 stores in a shorter period.
As of June 30, 2024, MR DIY reported Rp3.2 trillion in revenues and Rp534 billion net profit, with a cash flow position of Rp361 billion.
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