In a statement, 99 Holdings said it targets to be listed on the Main Market of Bursa Malaysia in the third quarter of 2024 (Q3 2024).
It said the IPO of up to 1.43 billion ordinary shares (IPO shares) will comprise an offer for sale of up to 1.03 billion existing shares (offer shares) and a public issue of 400 million new ordinary shares.
“The institutional offering comprises 1.22 billion IPO shares representing 14.5% of the company’s enlarged issued shares, and a retail offering consisting 210 million shares representing 2.5% of the enlarged issued shares,” it said.
99 Holdings said for the institutional offering of 1.22 billion shares, 1.05 billion is expected to be offered to Bumiputera investors approved by the investment, trade and industry ministry, while the other 168 million will be offered to Malaysian institutional and selected investors.
“Of 210 million shares, 168 million will be reserved for application by the Malaysian public via balloting.
“Of these, 84 million will be set aside for application by Bumiputera citizens, companies, co-operatives, societies and institutions, while 42 million shares will be reserved for the directors, employees, and persons who have contributed to the success of 99 Holdings and its subsidiaries,” it said.
99 Holdings founder and CEO Lee Thiam Wah said the retail underwriting agreement marks a significant milestone for the company and brings it closer to listing on Bursa Malaysia.
“We are excited to embark on the next phase of our growth journey.
“By tapping into the capital markets, we can accelerate our expansion plan and continue scaling our store network to expand our footprint in Malaysia,” he said.
Lee said this will further strengthen its position as one of the largest minimarket chain retailers in the country while enhancing its brand recognition in the region.
“It will also drive consumer engagement and enable the public to participate in the company’s growth,” he said.
CIMB Investment Bank is expected to be the sole managing underwriter and, along with Affin Hwang Investment Bank and RHB Investment Bank, jointly underwrite the entire retail offering of the IPO.