Malaysia’s 99 Speed Mart rises 12% in biggest IPO in 7 years

Grocery chain 99 Speed Mart Retail, Malaysia’s largest IPO in seven years, opened 12% higher on its debut, with a $531mn listing on the Kuala Lumpur stock exchange. The company attracted 14 cornerstone investors, including UOB Asset Management and Malaysia’s Employees Provident Fund Board. At the listing price of RM1.65 per share, owner Lee Thiam Wah’s net worth is set to reach $3.3bn, according to the Bloomberg Billionaires Index.

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