Grocery chain 99 Speed Mart Retail, Malaysia’s largest initial public offering in seven years, opened as much as 12 per cent higher on its Monday debut.
The company floated in Kuala Lumpur in a $531mn IPO, which will mark the 34th listing in Malaysia this year, including on the smaller ACE and LEAP markets, and the seventh on the main board, according to Bursa Malaysia.
The chain attracted 14 cornerstone investors, including UOB Asset Management (Malaysia), Eastspring Investments and abrdn Asia, as well as Malaysia’s Employees Provident Fund Board.
At the listing price of RM1.65 ($0.38) per share it will propel owner Lee Thiam Wah to dollar billionaire status, bringing his net worth to $3.3bn, according to the Bloomberg Billionaires Index.
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