World News – GB – M DIY from Malaysia recovers from heavy losses early in its debut

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[KUALA LUMPUR] Shares of Malaysian home improvement retailer Mr DIY Group briefly fell 625% when they debuted on Monday, but then topped the IPO price, in what is the largest offer in the country for more than three years

Shares hit a low of RM150 after the opening bell, but hit RM180 within the first hour of trading, above the initial public offering (IPO) price of RM160 per share

The company had raised RM1.5 billion (S $ 489.4 million) through the fiscal year, giving it a market value of RM10 billion.It is among the top four market listings in Malaysia so far this year

Its IPO was oversubscribed by 391 times of the 94,149 million shares offered, the institutional part being oversubscribed by 471 times

Speaking at a virtual press briefing on Monday, its chief executive Adrian Ong said the company is on track to meet the goal of adding 307 new stores over the next two years

« Our business is designed to grow and it will grow for a number of reasons, » he said, referring to the positive growth outlook for the home improvement industry.

M DIY joins a number of other Southeast Asian companies planning IPOs this year, including Philippine fiber broadband provider Converge ICT Solutions Inc The company’s shares listed on Monday after an IPO in the Philippines. US $ 600 million purse

Mr DIY’s IPO had attracted more than a dozen leading investors, including funds under BlackRock Inc, JPMorgan Asset Management and AIA Bhd

[BEIJING] Chinese government discussing permits for millions of tonnes of additional corn imports over the next

[BENGALURU] Australian shares rose on Monday as the Covid-19 Victoria hotspot reported no new cases for the first time

[TOKYO] Oil prices fell on Monday, extending losses from last week, due to an increase in Covid-19 infections in the United States

[SHANGHAI] Chinese markets fell on Monday to open as investors keep tabs on the Chinese Communist Party

SINGAPORE shares opened flat on Monday amid cautious trading, after a mixed close on Wall Street last Friday

Initial Public Offering, Stock, Bursa Malaysia

World News – UK – Malaysian Mr DIY Recovers Large Early Losses During Market Debut



SOURCE: https://www.w24news.com/news/world-news-gb-m-diy-from-malaysia-recovers-from-heavy-losses-early-in-its-debut/?remotepost=467350

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