This morning, the stock market debut of Malaysian mini market chain 99 Speedmart opened at RM1.85, marking a 12.12% increase from its initial public offering (IPO) price. For those unfamiliar, an IPO occurs when a private company sells its stock to the public for the first time, transitioning from private to public ownership, as described by Investopedia.

Led by CEO Lee Thiam Wah, 99 Speedmart was listed at RM1.65, raising RM2.36 billion, making it the largest listing on Bursa Malaysia in the past seven years, with 1.428 billion shares offered to the public.

Lee Thiam Wah became a billionaire today (September 9) following 99 Speedmart’s public listing in Kuala Lumpur.

According to Reuters and Bloomberg, within the first five minutes of its debut, 99 Speedmart’s share price fluctuated between RM1.85 and RM1.89. By 9:05 AM, the stock price stood at RM1.86, up 21 sen or 12.73% from its IPO price.

Currently, 99 Speedmart operates over 2,600 branches across Malaysia, with plans to open 250 new stores annually and reach 3,000 outlets by the end of 2025.

As noted on the company’s website, Lee started with a sundry store called Pasar Raya Hiap Hoe in Tepi Sungai, Klang, in 1987. The brand evolved from Pasar Mini 99 before rebranding as 99 Speedmart.

Congratulations to Lee Thiam Wah on this remarkable milestone!