99 Speed Mart in blockbuster IPO

Quick Summary:

Mini-market chain retailer 99 Speed Mart Retail Holdings Bhd has launched its initial public offering (IPO) which will raise RM2.36bil, the country’s largest IPO in seven years.

The mini-market retailer, which is scheduled to list on the Main Market on Sept 9, is expected to reach a market capitalisation of RM13.86bil post-listing, potentially beating this year’s highest market capitalisation of RM2.1bil by Johor Plantations Group Bhd if successful.

The group also believes that demand from the group’s online platform will continue to grow.99 Bulksales is estimated to contribute about RM1mil in revenue monthly, Lew said, adding that “hence, we are optimistic on the prospects of 99 Bulksales as we work on improving its geographical reach”.

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Article Details

Author / Journalist: SYAZWANI HASNIZAM

Category: EconomyBusiness

Markets: Malaysia

Topics: Corporate News PublicOffering IPO RetailExpansion MarketCapitalisation 99SpeedMart GrowthStrategy /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 00:00:00 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 870 words

Reading Time: 5 minutes read

Sentences: 24 lines

Sentence Length: 37 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 22089351

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