Brahmal Vasudevan, chief executive of Mr D.I.Y.’s private equity backer Creador, confirmed plans for a potential IPO and said Malaysia and Hong Kong were being considered as locations for the listing. He did not comment on how much money could be raised.

Mr D.I.Y. did not respond to a request for comment.

The two sources did not want to be identified as the discussions were private.

Bloomberg first reported on the IPO plans, citing sources familiar with the matter as saying a listing could happen later this year and valued the company at about RM10 billion.

Mr D.I.Y., which sells household, hardware and electrical products at affordable prices, has around 400 stores in Malaysia, according to its website. It also has stores in Thailand, Indonesia and Brunei.

Creador invested in the company in 2016.

Other Malaysian firms exploring IPOs include QSR Brands, the country’s largest fast-food operator, and poultry producer Leong Hup International Sdn Bhd.