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Lee Choon Wan & Co is advising Malaysia's top mini-market chain retailer 99 Speed Mart Retail on its planned $509 million IPO, the country's biggest in seven years. Rajah & Tann network firm Christopher & Lee Ong is counselling the underwriters.

Founded by entrepreneur Lee Thiam Wah in 1987 as a traditional sundry store, 99 Speed Mart, plans to offer an up to 17 percent stake, Reuters reported.

It added that at 2.36 billion ringgit ($508.84 million), 99 Speed Mart's IPO would be Malaysia's largest since South Korea's Lotte Chemical Titan Holding's listing in 2017, according to LSEG data.

The offering will also be Southeast Asia's biggest IPO in over one year since Amman Mineral Internasional's listing in Indonesia in July last year, Reuters noted.

Malaysia has been the best-performing market in Southeast Asia for IPOs this year, with companies raising more than $670 million so far in 2024. Recently Malaysian palm oil company Johor Plantations Group raised 735 million ringgit through its IPO, with Christopher & Lee Ong also advising the underwriters.

 

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