99 Speed Mart eyes September market debut

The company raised RM2.36bil in an initial public offering.

SINGAPORE: Malaysia’s top mini-market chain retailer 99 Speed Mart Retail Holdings Bhd aims to make its market debut on Sept 9 after raising RM2.36bil in an initial public offering (IPO) set to be launched next month and which would be the country’s biggest in seven years, two people say.

99 Speed Mart, founded by entrepreneur Lee Thiam Wah in 1987 as a traditional sundry store, plans to offer an up to 17% stake, or as much as 1.43 billion shares for its IPO, according to a draft prospectus filed in March.