Mr. Pichet Sithi-Amnuai, Executive Director and President of Bualuang Securities, one of the lead underwriters for MR. D.I.Y. Holding (Thailand) Public Company Limited (MRDIYT), discussed the company’s successful Initial Public Offering (IPO) and growth outlook during the Kaohoon program on October 24, 2025.
Pichet confirmed that MRDIYT’s IPO was oversubscribed by retail investors. Following the completion of the book-building process, the final offering price was set at THB 8.60 per share, the top end of the indicative range.
He noted that MRDIYT holds substantial expansion potential in Thailand. While the company currently operates around 1,000 branches nationwide, its Malaysian counterpart—despite having a smaller population and lower consumption rate—already runs nearly 2,000 stores. This comparison highlights Thailand’s considerable room for future store growth.
The IPO raised THB 3.4 billion, which will be strategically deployed to enhance the company’s operations and financial position:
- THB 2,058 million for debt repayment to CIMB Thai Bank
- THB 845 million for working capital and operations
- THB 500 million for branch expansion
Pichet stated that the debt repayment will significantly strengthen the balance sheet, improving the Debt-to-Equity (D/E) ratio from 1.8x in the first half of 2025 to around 1.0x, thereby creating more headroom for future growth.
The offering comprised a total of 655 million shares, including 420 million newly issued shares and 235 million secondary shares. While fully new issuances are often preferred, Pichet explained that including secondary shares is standard practice in IPOs and that the funds raised remain sufficient to support business operations and expansion plans.
Pichet also addressed investor questions regarding a major shareholder who pledged 554 million shares as collateral and planned to sell 245 million shares via a big-lot transaction on the first trading day.
He clarified that the selling party is a “sleeping shareholder”—one who is not involved in the company’s daily management—and that the transaction will occur between two shareholders, with the proceeds used to repay debt to a financial institution.
To ensure transparency and market confidence, Pichet emphasized that:
- The collateralized shares will be released once the transaction concludes and is not a forced sell.
- All major shareholders have agreed to lock up 75% of total issued shares for 12 months.
- Executives, holding about 9% of issued shares, will observe a 90-day silent period post-listing.
“These measures underscore the long-term commitment and confidence of MRDIYT’s shareholders,” Pichet concluded.
