99 Speed Mart targets 9.9 market debut as Malaysia’s biggest IPO in seven years, aims to raise RM2.36b

📆 8/15/2024 11:40 AM
📰 malaymail

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99 Speedmart News

Initial Public Offering IPO,Bursa Malaysia

SHAH ALAM, Aug 15 — Mini-market retail chain 99 Speed Mart Retail Holdings Bhd will give a huge boost to the retail sector, in what will be Malaysia’s biggest initial public...

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According to the prospectus, the IPO is priced at RM1.65 apiece and has attracted 14 cornerstone investors including Malaysia’s government-linked investment companies and asset managers, whose support covers 55 per cent of the IPO size. 99 Speed Mart is eyeing a geographical expansion of its outlets, with a target of 3,000 outlets in 2025 from the current 2,651 nationwide.

Lee said the retail chain launched “99 Bulksales” last year to tap into the retail and enterprise markets, allowing customers to purchase in bulk online.“We introduced the segment last year, targeting the central peninsular. We expanded it to the southern part of Malaysia and are consistently looking to expand the service, although we need to evaluate the logistics aspects,” he added.

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