Indonesian Arm of Malaysia's Mr DIY Slumps on Market Debut

INITIAL PUBLIC OFFERING (IPO) - JAKARTA/SINGAPORE. The Indonesian arm of Malaysia-based home improvement retailer Mr DIY Group slumped in its stock market debut on Thursday after raising 4.16 trillion rupiah ($257.6 million) in the country's biggest listing in more than a year.

Shares of Daya Intiguna Yasa, the sister company of Mr DIY, opened at 1,550 rupiah, 6% lower than its initial public offering price of 1,650 rupiah a share, before sliding as much as 24.8% to 1,240 rupiah on the Jakarta stock exchange.