Christopher & Lee Ong (CLO) and Lee Choon Wan & Co are acting on Malaysia’s largest initial public offering in seven years, as 99 Speed Mart Retail Holdings aims to raise around MYR2.36 billion (USD509 million).
The IPO, which is the largest listing in Malaysia since 2017, will offer up to 17% of the company’s stake, translating to as many as 1.43 billion shares, including 1.03 billion existing shares and 400 million new shares.
Christopher & Lee Ong, a member of the Rajah & Tann Asia network, is advising CIMB Investment Bank, the underwriter for the IPO. Partner Justin Chua, who recently joined Christopher & Lee Ong, is leading the team.
Lee Choon Wan & Co is acting on behalf of 99 Speed Mart, Malaysia’s leading mini-market chain retailer, which is set to debut on the main market of Bursa Malaysia in the third quarter of 2024. The retailer has expansion plans, aiming to open 250 new outlets annually with a 3,000 target nationwide by the end of 2025.
