The IPO of 99 Speed Mart, Malaysia's largest in seven years, raised a total of RM2.36 billion, including RM1.7 billion from an offer for sale of 1.028 billion shares by founder and chief executive officer Lee Thiam Wah and his wife Ng Lee Tieng.
The public issue of 400 million new shares raised up to RM660 million. The group has set aside 59% of that amount to expand its network of outlets, 15% to set up new distribution centres, 8.3% to buy delivery trucks, and 7.2% to upgrade existing outlets.
The IPO was oversubscribed by 3.04 times.
CIMB Investment Bank is the IPO’s principal adviser, sole bookrunner, sole managing underwriter, and joint underwriter. Affin Hwang Investment Bank and RHB Investment Bank are joint underwriters.
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