Big Caring prices Main Market IPO at RM1.08, targeting RM2.03 billion
The pharmacy operator will receive RM637.8 million, while selling shareholders are set to collect RM1.4 billion.
Big Caring Group Bhd plans to raise RM2.03 billion through a Main Market initial public offering priced at RM1.08 per share, its prospectus shows. Applications close on Nov 5, with the pharmacy chain operator scheduled to list on Nov 19.
Of the proceeds, RM637.8 million will go to the company and RM1.4 billion to shareholders selling their stakes. Big Caring plans to direct 90% of its proceeds towards reducing bank borrowings, which stood at RM1.7 billion as of end-August.
Acquisitions accounted for most of those borrowings, including RM888.3 million for the purchase of Caring Pharmacy from 7-Eleven Malaysia Holdings Bhd in 2023. The company has also earmarked RM30 million for a new distribution centre in Klang and RM37.1 million for listing costs.
The offer price implies a market capitalisation of RM8 billion. For its financial year to June 30, 2026, Big Caring reported RM231.8 million in net profit, an increase of over 62%. Revenue reached RM4 billion, up over 18%.
The group operates BIG Pharmacy and CARiNG Pharmacy, alongside brands including Georgetown Pharmacy, Wellings, Ting Pharmacy and iCare Pharmacy. Its nationwide network comprised 668 outlets as of end-Sept, when its market share was 24.2%.
Cornerstone investors include Aberdeen Group plc, AHAM Asset Management and International Finance Corporation. More than a dozen existing shareholders are selling part of their holdings, including private equity firm Creador and the joint investment vehicle of managing director Lee Meng Chuan and executive director Lim Sin Yin.
