Listed: The giant Malaysian IPOs that came before 99 Speed Mart’s monster debut
Published on: Tuesday, September 10, 2024
By: Malay Mail
The 99 Speed Mart logo is seen outside an outlet in Kuala Lumpur September 9, 2024. — Picture by Yusof Mat Isa
Kuala Lumpur: Convenience store chain operator 99 Speed Mart Retail Holdings Bhd (99 Speed Mart) raised RM2.36 billion in its debut on Bursa Malaysia yesterday, making it as Malaysia’s biggest initial public offering (IPO) in the past seven years.
99 Speed Mart’s IPO is also the largest in Malaysia since Lotte Chemical Titan Holding’s listing in 2017 and is also Southeast Asia’s biggest since Amman Mineral Internasional’s IPO in Indonesia last year.
ADVERTISEMENT As the IPO also has industry watchers predicting Malaysia’s resurgence as a listing destination, here is a list of the biggest companies to have debuted locally in recent years.
1) Maxis Bhd (2009) – RM11.2 billion
Malaysia’s top mobile operator, Maxis Bhd, made a strong return to the Bursa Malaysia on November 19, 2009, making it Southeast Asia’s biggest ever IPO worth RM11.2 billion.
Just over two years after Maxis was privatised by its controlling shareholder, Malaysia's largest provider of mobile communication services made a strong return to the bourse. It opened on Bursa Malaysia at a 9.2 per cent premium to its RM5 reference price.
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2) Petronas Chemicals Group (PCG) Bhd (2010) – RM14.78 billion
PCG Bhd, a unit of state-owned oil and gas company Petroliam Nasional Bhd (Petronas), was expected to have a strong debut when listed on November 26, 2010 at Bursa Malaysia.
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At that time, PCG Bhd’s IPO offering of RM14.78 billion made it the largest initial public offering ever in Southeast Asia.
Shares in PCG Bhd jumped 10 per cent on its debut as trading opened. The stock was traded in the pre-listing grey market at about RM5.40, a premium of 3.8 per cent to the RM5.20 IPO price paid by institutional investors.
3) Felda Global Ventures Holdings Bhd (2012) – RM10.4 billion
Prior to its listing on Bursa Malaysia on June 28, 2012, Felda Global Ventures Holdings (FGV) Bhd was the world’s third largest oil palm plantation firm in terms of land bank. FGV was the commercial entity of the federal government agency, Federal Land Development Authority (Felda).
Raising RM10.4 billion through its IPO with shares offered at RM4.55 per piece, FGV debuted on Malaysia’s stock exchange on June 28, 2012, with trading going as high as RM5.46 per share before closing at RM5.30 per share.
FGV quickly rose to became the world’s second largest IPO of the year, after Facebook Inc’s US$16 billion listing, and as the biggest listing in Asia for the same year. It was the biggest IPO in Malaysia since 2010’s listing of PCG Bhd.
However, FGV’s share prices hit an all-time low in 2015 at a range of RM1.15 to RM1.19 per share.
4) IHH Healthcare Bhd (IHH Healthcare) (2012) – RM6.3 billion
IHH Healthcare raised RM6.3 billion through its trading debut on July 25, 2012.
As Asia's largest hospital operator IHH Healthcare jumped as much as 14 per cent in its first day, as investors eager for exposure to the region's growing healthcare sector chased the world's third largest listing this year.
IHH Healthcare’s IPO confirmed Malaysia's status as Asia's current IPO capital at the time, coming on the heels of the FGV listing just a month before.
IHH Healthcare was the healthcare arm of government investment arm, Khazanah Nasional, prior to its dual concurrent listing in Singapore and Malaysia.
5) Astro Malaysia Holdings Bhd (Astro) (2012) – RM4.6 billion
Malaysia’s largest pay-TV broadcaster Astro Malaysia Holdings Bhd (Astro) raised RM4.6 billion in its IPO relisting in October 19, 2012, making it the country’s third largest billion-dollar listing for that year.
Astro opened at RM3.03, just 1 per cent above its IPO price of RM3 upon its relisting on Bursa Malaysia.
Astro, that has a virtual monopoly on pay-TV services in Malaysia and also operates eight terrestrial radio stations, was delisted following a 2010 buyout by Ananda Krishnan and Khazanah Nasional.
6) Lotte Chemical Titan Holding Bhd (Lotte Chemical Titan) (2017) – RM3.67 billion
Malaysian petrochemical company Lotte Chemical Titan Holding Bhd raised about RM3.77 billion from its IPO on July 11, 2017 after pricing its shares at the bottom of an indicative range.
The IPO was, nevertheless, the biggest stock market flotation in the country since 2012.
Shares of Lotte Chemical Titan fell in their Malaysian stock market debut due to soft investor appetite for the country's biggest IPO in five years.
The integrated petrochemical producer, part of South Korean conglomerate Lotte Group, started trading on Bursa Malaysia at its IPO offer price of RM6.50 per share, but had drifted lower to RM6.44.
Other notable IPOs
Mr DIY Group
On October 26, 2020, Mr DIY Group (M) Bhd led the largest IPO on Bursa Malaysia. The home improvement retailer topped the stock exchange's list of most traded counters. The trading volume on its maiden trading day was at 410.15 million shares, which is equivalent to 43.5 per cent of its free float of roughly 941.49 million shares. Mr DIY closed at RM1.75, up 15 sen or 9.4 per cent against its IPO price of RM1.60.
CTOS Digital
On July 19, 2021, CTOS Digital Bhd (formerly known as CTOS Holdings Bhd) made its debut on Bursa Malaysia, surging to a high of RM1.76, a 60 per cent premium over its IPO price of RM1.10.
Opening at RM1.50, the stock ended its maiden trading day at RM1.62, up 47 per cent over the issue price. It was the most active stock on Bursa with its trading volume at 366.36 million shares. CTOS Digital was the largest IPO on Bursa Malaysia for 2021. The listing exercise raised RM1.2 billion, of which RM220 million was by issue of new shares at RM1.10 per share.
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