Editorial staff
MR. D.I.Y. Holding (Thailand) Plc (MR. D.I.Y.), Thailand’s leading home improvement and lifestyle retailer, has set its initial public offering (IPO) price range at 8.30 to 8.60 baht per share.
MR. D.I.Y. will raise up to 5.6 billion baht from the market based on the initial retail price of 8.30 baht and 8.60 baht per IPO share. This translates to a market capitalization of up to 57.1 billion based on the enlarged share capital of the company, making it the biggest IPO in Thailand since 2022.
MR. D.I.Y. plans to offer an aggregate of up to 655,000,000 IPO shares, representing up to 10.9% of the total issued and paid-up ordinary shares after this capital increase and offering.
The offering will consist of up to 420,000,000 newly issued ordinary shares and up to 235,000,000 of existing shares. The primary proceeds will fund store expansion, warehouse automation, and debt repayment, as well as provide working capital to support sustainable growth.
Bualuang Securities Plc and CIMB Thai Bank Plc serve as financial advisers, while Bualuang Securities and CGS International (Thailand) Securities Co act as lead underwriters. On the international side, J.P. Morgan Securities plc, UBS AG and CIMB are joint bookrunners. In addition, CLSA Limited, Kasikorn Securities Plc and Maybank Kim Eng Securities (Thailand) Plc have been appointed as co-managers.
Retail investors will be allowed to subscribe from October 20-22. The final price, determined via book-building, will be announced by 24 October, with trading on the SET expected to commence early November.
MR. D.I.Y. is Thailand’s largest and fastest-growing home improvement and general lifestyle retailer, driven by an experienced management team. Each store offers over 16,000 SKUs across six main categories — household & furnishing, hardware, electrical, stationery & sports, toys, and others wide to Thai consumers under the concept of everything, every day, at “Always Low Prices”.
Andy Chin Guangui, MR. D.I.Y.’s chief executive officer, said that the Thai home improvement market is projected to grow at a 5.4% CAGR from 182.6 billion baht in 2024 to 237.8 billion baht in 2029. More importantly, chain retailers like MR. D.I.Y. are outpacing the market with a CAGR of 15.3%.
“Today, we are the leader in our segment with 9% market share, showing we are in the early stages of unlocking the full potential of Thailand’s home improvement market,” Mr Chin said.
“Thailand is important country for us to list on the SET to expand our business growth long term,’’ Adrian Ong, chairman of MR. D.I.Y.’s board of directors, said.
This fundraising will accelerate its store expansion plans, new large-scale automated warehouse on 150 rai plots to enhance logistics and supply chain capabilities and product distribution, supporting its long-term expansion.
Mr Chin adds that the company plans to open 200 new stores in 2025, the total of which, 95 new stores has already opened in the first half of this year. Each 210 new stores will be opened in 2026 and 2027, bringing total MR. D.I.Y. store to reach 1,500.
“Overall consumption has declined since the outbreak of Covid-19. We open 500 new stores during the Covid-19 and our business can outperform because we expanded our customer base to upper middle-income group, who trade down to shop at MR. D.I.Y., which mainly customers are middle to lower income level. With product offering, competitive price, they will come back to us whether the market situation is bad or good,’’ Mr Chin said.
Mr Ong adds that listing on the SET under the abbreviation MRDIYT marks a major milestone to strengthen the company’s corporate governance, brand image and market visibility.
In 2024, MR. D.I.Y. recorded 16.2 billion baht in revenue, reflecting a robust three-year CAGR of 28%. Its strong operational performance also drove net profit to 1.7 billion baht, representing a 30% CAGR over the same period. In the first half of this year, its revenue was 9.47 billion baht, up from 7.567 billion baht the same period last year. Its net profit was 1.17 billion baht, up from 794 million baht in the first half of last year.
