RM2.3 billion IPO is largest within past seven years

RM2.3 billion IPO is largest within past seven years

There are TWO 99 Speed Marts in my neighborhood. I have visited both, especially the one which I frequent often when everyone was under lock down and we cannot travel too far away from our home. Usually, the item racks are quite near to one another but they have everything we need even if choices wise, they could not provide the varieties people could buy from larger supermarkets. I think it’s more than enough and I think this is why the company has pursued a listing status.

Article in nst.com.my. 99 Speed Mart Retail Holdings Bhd (99 Holdings) which plans to list on the Main Market of Bursa Malaysia Securities on September 9, 2024 will be the biggest initial public offering the country has seen in seven years.

The IPO exercise entails an offer for sale of 1.028 billion existing ordinary shares, and a public issue of 400 million new ordinary shares at RM1.65 each per share, to raise RM660 million.

Based on the enlarged issued share capital of 8.4 million shares and IPO price of RM1.65 per share, the expected market capitalisation would be RM13.9 billion.

The IPO is backed by 14 cornerstone investors including Malaysian government-linked investment companies and asset managers, whose support covers 55 per cent of the IPO deal size. Please refer to the full article here: Article in nst.com.my.

Positive yeah since this is RM2.3 billion

For the market, this will be a huge new company in 99 Speed Mart Retail Holdings Bhd. This is positive because more people could buy their shares and this would help it gain even more attention from their prospective customers. For the people working in retail or even supermarket, I think this is a good time to think about subscribing to their shares since you would be able to keep track since you have invested time and money. Perhaps even changing jobs if there happens to be a 99 Speec Mart which is nearer to your house. This company issuing to expand a lot this time.

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