KUALA LUMPUR – 99 Speed Mart Retail Holdings Bhd which debuted on Bursa Malaysia today at RM1.85 or 20 sen more than its initial public offering (IPO), is open to expansion plans to the rest of Southeast Asia.
Its alternate director Albert Lee said 99 Speed Mart welcomed opportunities for collaboration, although it had no firm plans as yet.
Trading under the stock name 99SMART, the counter made a strong debut on Bursa’s main market, rising 12.12% to RM1.85, up from its IPO price of RM1.65, with 53.82 million shares traded.
It marked the country’s largest IPO in seven years, since Lotte Chemical Titan Holding Bhd’s RM3.77 billion listing in 2017.
By 12.30pm, the stock had peaked at RM1.92 before closing the morning session at RM1.91, up 26 sen or 15.76%, with 355.25 million shares traded.
Lee said domestically, 99 Speed Mart is focusing on strengthening its bulk sales operation and e-commerce service for a minimum order of RM500, following the opening of the Southern region outlet in July.
The service began in September last year in the Central region.
“We are assessing the activity and the market’s reaction to it. We will adjust accordingly but we are positive,” Bernama quoted him saying after the company’s debut on Bursa today.
Lee also said that 99 Speed Mart is expanding Yiwu Speed Mart Import and Export, and Yiwu J-Jade Trading in China to enhance procurement activities.
From its IPO, the firm raised RM2.36 billion, part of which will be used to increase its outlet count to 3,000 by 2025 from the current 2,651.
With plans to open 250 new outlets annually, Lee aims for growth exceeding the retail industry’s average of 5&
“What we want to do is to be at least above that,” he added.
Meanwhile, company founder and chief executive officer Lee Thiam Wah described the debut as a significant milestone for 99 Speed Mart.
“Our vision remains clear, that is to solidify our position as one of Malaysia’s market leaders in the retail grocery sector,” he said.
He also expressed gratitude for the company’s current success and its listing on Bursa Malaysia.
“Notwithstanding our listing on the exchange, it also means that we accept a higher level of accountability and transparency between the company and the public.
“This is something we are happy to do, and we will continue to ensure that the business grows and develops moving forward,” he added. – September 9, 2024