Kuala Lumpur: Big Caring Group Bhd is seeking to raise as much as RM3 billion through an initial public offering (IPO), potentially making it one of Malaysia’s largest listings in the past decade, according to people familiar with the matter.
The pharmacy chain, backed by private equity firm Creador Sdn Bhd, is targeting an IPO by October this year, the sources said.
The proposed listing comes amid a strong year for the Malaysian IPO market, which has raised about RM5.6 billion so far, led by Sunway Healthcare Holdings Bhd’s RM3.3 billion listing in March after the exercise of its over-allotment option.
According to the
The Edge, Big Caring plans to offer up to 25.5 per cent of its enlarged share capital and intends to use part of the proceeds to reduce debt.
They said deliberations are ongoing and details, including the size and timing of the IPO, remain subject to change.
Big Caring, Malaysia’s largest pharmacy chain, operates 626 outlets nationwide under several brands, including Big Pharmacy and Caring Pharmacy, according to its IPO prospectus.
The company also plans to open between 40 and 50 new retail outlets annually over the next three to five years as part of its expansion strategy.
Creador, which invested in the company in 2015 and owns about 34 per cent of the business, is expected to offer up to 14.8 per cent of its shareholding in the IPO.
Big Caring was founded by Lee Meng Chuan and Lim Sin Yin, who remain significant shareholders in the company.
