(From left) 99 Speed Mart Retail Holdings Bhd non-independent non-executive chairman Datuk Chua Tia Guan, non-independent non-executive director Ng Lee Tieng, executive director and chief executive officer Lee Thiam Wah, CIMB Group CEO of group wholesale banking Chu Kok Wei, CIMB Investment Bank Bhd regional head of investment banking and deputy CEO Nor Masliza Sulaiman, and Denise Wong, the head of corporate coverage, group wholesale banking, at CIMB Bank Bhd on Thursday. (Photo by Shahrill Basri/The Edge)

KUALA LUMPUR (Aug 27): 99 Speed Mart Retail Holdings Bhd (KL:99SMART) has fixed its institutional and final retail price under its initial public offering (IPO) at RM1.65 per share.

This was decided following the completion of the bookbuilding process under the institutional offering on Tuesday, said CIMB Investment Bank on behalf of the group in a bourse filing. The retail offering closed on Aug 23.

99 Speed Mart, which is set to be listed on Sep 9 on Bursa Malaysia’s Main Market, will be Malaysia's largest initial public offering (IPO) in 7 years.

The group is expected to have a market capitalisation of RM13.86 billion based on an enlarged issued share capital of 8.4 billion shares and an IPO price of RM1.65, according to its prospectus.

99 Speed Mart aims to raise a total of RM2.36 billion, of which RM1.7 billion is attributed to an offer for sale of 1.028 billion shares by CEO Lee Thiam Wah and his wife Ng Lee Tieng.

The public issue would raise up to RM660 million and the company has earmarked nearly 59% of the proceeds for expansion of its network of outlets, 15% for setting up new distribution centres, 8.3% for the purchase of delivery trucks and 7.2% for upgrading existing outlets.

CIMB Investment Bank is the IPO’s principal adviser, sole bookrunner, sole managing underwriter and joint underwriter. Affin Hwang Investment Bank and RHB Investment Bank are joint underwriters.