Malaysia’s stock market hopes high after mini-mart IPO mints country’s newest billionaire

The IPO by 99 Speed Mart raised US$531 million on its debut, making owner Lee Thiam Wah Malaysia’s newest billionaire

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The 99 Speed Mart chain is the largest of its kind in Malaysia, holding a 40 per cent share in the mini-market segment. Photo: Reuters

Published: 9:03am, 9 Sep 2024Updated: 3:10pm, 9 Sep 2024

Investors hoovered up shares in 99 Speed Mart, Malaysia’s largest mini-market chain, on Monday in the country’s biggest initial public offering in seven years, raising hopes that the nation’s bourse may become Southeast Asia’s top choice for equities.

Stocks opened 12.1 per cent up at 1.85 ringgit (US$0.39) per share as 99 Speed Mart Retail made its market debut, with over 3 million shares traded by midmorning, according to data from Bursa Malaysia.

The stock at one point surged to a high of 1.91 ringgit per share, a significant premium from the company’s IPO price of 1.65 ringgit, in a further indication of a growing appetite among local and foreign investors for Malaysia’s stock market, according to Bank Muamalat chief economist Mohd Afanizam Abdul Rashid.

“Foreigners have been buying our stocks,” Mohd Afzanizam told This Week In Asia. “This is reflected in the rise of foreign investors’ net purchases totalling 2.5 billion ringgit in August and 1.4 billion ringgit in July.”

The IPO by 99 Speed Mart Retail raised US$531 million and its Monday debut made owner Lee Thiam Wah Malaysia’s newest billionaire with a fortune estimated at US$3.3 billion, according to the Bloomberg Billionaires Index.

Lee Thiam Wah was born in 1964 in Klang, as one of 11 children. Photo: 99 Speedmart

Lee, 60, has a remarkable backstory.