Lee Thiam Wah’s 99 Speed Mart achieves largest Malaysian IPO in seven years
Entrepreneur’s net worth skyrockets to $2.8 billion after company’s public debut.
On Monday, 60-year-old entrepreneur Lee Thiam Wah, founder of 99 Speed Mart, celebrated a major milestone as his company made a historic debut on the Kuala Lumpur stock exchange. The initial public offering (IPO) of 99 Speed Mart Retail Holdings Bhd raised $531 million, marking the largest IPO in Malaysia in seven years. The company’s stock surged up to 15% on its first trading day, propelling Mr. Wah’s net worth to $2.8 billion, according to Forbes. This accomplishment not only cements Lee’s status as one of Malaysia’s wealthiest individuals but also serves as a significant moment for Malaysia’s financial markets.
Impact on Malaysia’s capital markets
The successful IPO has generated optimism about Malaysia’s role in Southeast Asia’s capital markets. Mohit Mirpuri, a senior partner at SGMC Capital Pte Ltd., said, “It comes at a crucial moment for both Malaysia’s IPO landscape and Southeast Asia’s capital markets. This could boost market sentiment and position Malaysia as a key player in regional listings.”
Lee Thiam Wah’s inspiring journey
Lee Thiam Wah’s rise to success is a remarkable story of perseverance. Born in 1964 in Klang, Malaysia, to a family of 11 children, Lee faced hardships early in life. His parents, a construction worker and a hawker, could only afford to send him to school for six years. At a young age, he contracted polio, leaving him unable to use his legs and making it difficult for him to find employment.
Undeterred by his physical limitations, Lee began selling snacks from a roadside stall. His determination and work ethic eventually allowed him to save enough money to open his first grocery store in 1987. Over the years, he expanded his business into 99 Speed Mart, which now boasts over 2,600 stores nationwide, making it Malaysia’s largest mini-market chain. Lee also holds significant shares in Alliance Bank Malaysia Bhd. and the Malaysian franchise of Burger King.
Future growth plans
With the success of the IPO, Lee plans to expand 99 Speed Mart even further. According to the company’s prospectus, the goal is to increase the store count to approximately 3,000 locations over the next three years, continuing the brand’s steady growth across Malaysia.