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99 Speed Mart raises biggest IPO in M'sia since 2017 at RM2.36 bil | Scoop
99 Speed Mart Retail Holdings has raised RM2.36 billion in an IPO which is the biggest in Malaysia since 2017. – 99 Speedmart pic, July 30, 2024
News

99 Speed Mart raises biggest IPO in M’sia since 2017 at RM2.36 bil

Company will launch IPO next month and debut on Bursa Malaysia’s Main Market on Sept 9, aiming to use proceeds to open more stores, set up distribution centres, buy trucks, repay loans

Scoop Reporters
Updated
1:26 PM MYT

 

KUALA LUMPUR – The country’s largest mini-market chain retailer 99 Speed Mart Retail Holdings has raised RM2.36 billion in an initial public offering (IPO) – the biggest in Malaysia since 2017 – which will be launched next month.

The company, which was founded by Lee Thiam Wah in 1987, will be making its debut on September 9 on Bursa Malaysia’s Main Market, reported Reuters which quoted sources.

According to a draft prospectus filed in March, a total of 1.43 billion shares (17% stake) will be offered in the IPO, where 400 million are new shares.

It added that the proceeds would be used to open more stores nationwide, set up additional distribution centres, purchase delivery trucks, as well as repay current bank loans.

99 Speed Mart has a target of 250 new outlets annually and to have 3,000 outlets by the end of 2025. It currently operates 2,542 outlets in Malaysia and has 19 distribution centres.

This IPO will also be Southeast Asia’s largest since Amman Mineral Internasional’s listing in Indonesia in July 2023.

Last Friday, 99 Speed Mart signed a retail underwriting agreement with CIMB Investment Bank Bhd, Affin Hwang Investment Bank Bhd and RHB Investment Bank Bhd in conjunction with its upcoming IPO. – July 30, 2024

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