PETALING JAYA: 99 Speed Mart Retail Holdings Bhd, Malaysia’s largest mini-market chain retailer, has submitted a draft prospectus for an IPO on Bursa Malaysia’s Main Market.
As reported by The Malaysian Reserve, the IPO will result in founder Lee Thiam Wah and his family selling a 17 per cent share.
Additionally, the business intends to sell 1.428 billion shares, including an institutional offering of 1.218 billion and a retail offering of 210 million.
The proceeds from the IPO will be used to grow stores, build distribution centers, buy delivery trucks, upgrade existing locations, and repay bank loans.
CIMB Investment Bank Bhd is the known primary advisor and underwriter for the IPO.
99 Speed Mart plans to have 3,000 locations nationally by the end of 2025.
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