“The home-improvement retailer is working with banks on an initial public offering (IPO) plan,” the people said, asking not to be identified.

Two of the people said the IPO could seek to raise as much as US$300 million (RM1.2989 billion), which would give a welcome boost to Indonesia’s lackluster IPO market.

“Deliberations are ongoing, including details such as size,” the people said.

However, representatives for MR DIY did not respond to a request for comment.

Data compiled by Bloomberg showed that IPO proceeds in Indonesia this year have dropped 90% from the same period in 2023 to US$317 million (RM1.37253 billion).

“MR DIY aims to use the proceeds from the offering to expand its business,” the people said.

MR DIY’s website reported that the group has had 800 stores in Indonesia since entering the market in 2017.

“The group has about 3,500 stores around Southeast Asia,” it added.

In a filing with Bursa Malaysia last week, the group, which raised US$363 million (RM1.57163 billion) in the local IPO in 2020, also plans to list its Thai unit in Bangkok.