Shares of 99 Speed Mart Retail Holdings Bhd opened at RM1.85 on their first day of trading on Bursa Malaysia's Main Market, rising 12.1% or 20 sen above its initial public offering (IPO) price of RM1.65.

The largest convenience store chain in Malaysia raised RM660 million through its IPO, marking the country's biggest listing in seven years and a major milestone for the company.

According to The Edge, the stock climbed further to RM1.91, up 26 sen or 15.76%, valuing the mini market group at RM16.04 billion based on its 8.4 billion issued shares.

The strong market debut has significantly boosted the wealth of founder Lee Thiam Wah, placing him ahead of Genting Group chairman Lim Kok Thay and just behind Sunway Group founder Jeffrey Cheah among Malaysia's top 10 richest individuals, according to FMT.

Expressing confidence in the company’s future as a publicly listed entity, Lee stated that it would work to create greater value for stakeholders.

"We remain committed to growing the company," Lee said, as reported by the New Straits Times. "These funds will drive our expansion plans, allowing us to increase the number of outlets, establish new distribution centers, purchase delivery trucks, and upgrade existing stores."

99 Speed Mart currently operates over 2,600 outlets nationwide and aims to reach 3,000 outlets by the end of 2025. The company plans to open new distribution centers in Sarawak and Selangor by the end of this year and next year, respectively, and aims to have at least 25 distribution centers nationwide by 2027.

Lee, who contracted polio as a child and uses a wheelchair, started from humble beginnings. He founded 99 Speed Mart in 1987 as a traditional sundry shop. According to FMT, he later sold the shop and used the proceeds to open his first mini-mart, Pasar Mini 99, in Klang Utama in 1992. The business quickly expanded to eight outlets in Klang, and in the early 2000s, Lee rebranded the chain as 99 Speedmart.