99 Speed Mart launches $532M IPO

KUALA LUMPUR: Malaysia’s top mini-market chain retailer 99 Speed Mart Retail Holdings on Thursday launched an initial public offering (IPO) that would raise 2.36 billion ringgit ($532 million), the country’s biggest IPO in seven years.

The company is offering up to 1.43 billion shares priced at 1.65 ringgit apiece, according to its prospectus released Thursday, confirming an earlier report by Reuters on the listing.

This includes 660 million ringgit to be raised through the issuance of 400 million new shares, the firm said.

Its shares are due to begin trading on Sept. 9.

Upon listing, 99 Speed Mart is expected to have a market capitalisation of 13.9 billion ringgit, making it Malaysia’s largest IPO since 2017.