Malaysia’s Largest Pharmacy Chain Targets $2B IPO Valuation

Malaysia’s largest pharmacy chain, Big Caring Group, has launched an IPO ahead of a planned Nov. 19 listing on Bursa Malaysia, seeking to sell up to 1.9 billion shares at a maximum price of 1.08 ringgit each. The offering could value the company at about 8 billion ringgit ($2 billion), with 590.5 million new shares raising 637.8 million ringgit and 1.3 billion existing shares sold by shareholders. Big Caring plans to use 89.5% of the proceeds from the new shares to repay bank debt, with the balance allocated to a new distribution center and listing costs. The company has more than 650 outlets and aims to expand by 40 to 50 stores annually over the next three to five years; the IPO would be among Malaysia’s largest this year.