99 Speed Mart debuts at RM1.85 per share, becomes biggest IPO in M'sia!

99 Speed Mart is a popular chain of convenience stores in Malaysia founded by Lee Thiam Wah. The brand emphasizes convenience, affordability, and accessibility. With many stores located in residential areas, it becomes a go-to destination for a quick grocery run! Just today (9 September), the retail chain has officially debut as a listed company, successfully becoming the biggest Initial Public Offering (IPO) in Malaysia!

Opening today, the mini market retailer managed to raise RM2.36 billion, successfully becoming the country’s biggest listing in 7 years! With that said, 99 Speed Mart debuted at RM1.85 per share, which is a 12.1% increase from their initial offering at RM1.65, on the Malaysian stock exchange. After its debut, the stock rose to 14.5% hitting RM1.89, before pairing gains a little.

This successful debut is a testimonial to Lee’s hard work in solidifying 99 Speed Mart as a key player in the industry. Starting back from 1987 as a traditional kedai runcit (sundry store), After decades of grit and determination, Lee was able to grow his mini market to over 2,600 stores nationwide. When asked about expansion plans, Lee shared to local daily NST that they intend to open 250 stores annually, targeting to hit 3,000 stores by the end of 2025.

“We’re also looking at opening 2 new distribution centres in Selangor and Sarawak by next year. operating up to 25 distribution centres by 2027”, he said.

With its successful debut in the stock market today, the mini market retailer expressed its commitment in focusing on the operations of their e-commerce platform for bulk sales business. Just last week, the team has observed a whopping RM125.5 million profit for the second quarter with a revenue of RM8.2 billion from its newly operated outlets, as well as their e-commerce platform.

Addressing the absence of the retail chain in Kelantan, Lee revealed that they’re in the midst of entering the state. Adding onto it, Lee mentioned that they’ve managed to secure a foothold in Terengganu and will soon expand into Kelantan. As for opportunities across Southeast Asia, alternate director Albert Lee shared that while they hold a positive outlook for it.

“We’re holding a positive outlook towards it, but as of now, it’s not in our plans”, he said at a press conference.

99 Speed Mart’s debut has now become the highest IPO in Malaysia since South Korea’s Lotte Chemical Titan Holding’s (LOTT.KL) listing in 2017. The listing has also become Southeast Asia’s biggest IPO since Amman Mineral Internasional’s (AMMN.JK) listing in Indonesia in July last year, reported Reuters.

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Also read: 99 Speedmart owner Lee Thiam Wah completes his MBA course alongside his wife & management team