Malaysia’s 99 Speed Mart launches $702.9m IPO

It is offering up to 1.43 billion ordinary shares on the main market.

Malaysia’s mini-market chain operator 99 Speed Mart Retail launched a $701m (RM2.36b) listing on 15 August. 

According to its prospectus, the company is offering up to 1.43 billion ordinary shares on the main market. This includes up to 1.03 billion existing shares for sale and 400 million new shares being issued. The institutional offering will see up to 1.218 billion IPO shares distributed to Malaysian institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade, and Industry of Malaysia, with the price to be determined through a bookbuilding process. 

Additionally, the retail offering will make 210 million new shares available to the directors and eligible employees of 99 Holdings and its subsidiaries, individuals who have contributed to the group’s success, and the Malaysian public. These shares will be priced at RM1.65 per share, with full payment required upon application. A refund will be issued if the final retail price is lower than the initial retail price.

The final retail price will be the lower of the retail price or the institutional price, subject to clawback and reallocation provisions, and the over-allotment option as outlined in the prospectus

Applications for the IPO shares in the retail offering will be accepted from 15 August to 23 August.