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.
Shares of 99 Speed Mart Retail Holdings Bhd opened at RM1.85 (55 cents), 12.1% higher or a 20 sen premium to its initial public offering (IPO) price of RM1.65, on its debut on the Main Market of Bursa Malaysia on Monday.
At the time of writing, the counter traded even higher at RM1.91, up 26 sen or 15.76%, valuing the mini market group at RM16.04 billion, based on its issued capital of 8.4 billion shares.
