99 Speed Mart Launches Malaysia’s Largest IPO in Seven Years

By Loshinniy Nair S. Baskaran,

Kuala Lumpur, 17th August – 99 Speed Mart, a well-known Malaysian convenience store chain, is set to raise approximately US$532 million through an initial public offering (IPO), marking the largest IPO in Malaysia in seven years.

This significant move is aimed at further expanding the company’s extensive network of nearly 2,000 stores across the country, solidifying its position in the competitive retail market.

The IPO will consist of 1.035 billion shares, representing about 15% of the company’s enlarged share capital, with the share price expected to be between RM2.10 and RM2.30. The final price will be decided closer to the anticipated listing in October 2024.

Major investors, including government-linked funds and leading institutional investors, are expected to participate.

This move reflects 99 Speed Mart’s confidence in the resilience of Malaysia’s economy and retail sector despite global uncertainties.

The successful execution of this IPO may encourage other Malaysian companies to pursue similar listings, thereby boosting the country’s capital markets, as stated in channel news Asia (CNA).