Malaysia’s largest mini-mart chain by revenue, 99 Speedmart, made a strong debut on the Malaysian stock exchange, with shares surging 13.9% above the initial public offering (IPO) price.
The stock closed at 1.88 ringgit ($0.43) per share, propelling founder and major shareholder Lee Thiam Wah into the billionaire ranks with an estimated net worth of $3.4 billion.
The IPO, which raised 2.36 billion ringgit ($532 million) through a 17% stake sale, was oversubscribed by three times. This marks the largest IPO in Malaysia in seven years, highlighting investor confidence in the country’s growth potential and the retail sector.
“Today marks a significant milestone for 99 Holdings as we tap into the capital markets to fuel our growth ambitions,” said Lee Thiam Wah, the company’s CEO.
The company plans to use the proceeds to expand its retail network by opening 250 new stores annually, aiming to reach 3,000 outlets by the end of 2025, with a focus on northern and eastern regions of Malaysia.
99 Speedmart’s success has been driven by its widespread retail presence and its growing e-commerce platform. The company, which now operates over 2,600 stores, reported a 66% year-on-year increase in second-quarter profit, reaching 126 million ringgit, with revenue climbing 8% to 2.4 billion ringgit.
Founded in 1987 by Lee as a traditional sundry shop, 99 Speedmart has surpassed rivals like 7-Eleven in Malaysia, making Lee a symbol of entrepreneurial perseverance. His humble beginnings selling snacks at a roadside stall and overcoming physical challenges after contracting polio as a child have become a source of inspiration for small business owners.