Retail offering of 99 Speed Mart’s IPO, Malaysia’s largest in seven years, oversubscribed

THE retail offering for the initial public offering (IPO) of Malaysia’s top mini-market chain 99 Speed Mart Retail has been oversubscribed by 3.04 times, the issue’s manager said on Thursday (Aug 29).

The company is offering up to RM2.36 billion (S$707.6 million) worth of shares, out of RM346.5 million was earmarked for retail investors, all priced at RM1.65 apiece, Malaysian Issuing House said in a statement.

Malaysian Issuing House manages IPO applications, share registration, IPO subscriptions and IPO administration as well as other types of capital raising exercises in the country, according to its website.

The institutional offering comprising 1.22 billion shares offered to Malaysian institutional and selected investors have been fully taken up, Malaysian Issuing House said.

99 Speed Mart, which was founded by entrepreneur Lee Thiam Wah in 1987 as a traditional sundry store, launched the IPO, the country’s biggest listing in seven years, on Aug 15.