Big Caring targets some RM2.45 billion from planned IPO
The pharmacy operator plans an offering in the final week of October and is targeting a Main Market listing by mid-November, according to the Wall Street Journal.
Big Caring Group Bhd is aiming to raise some RM2.45 billion through an initial public offering (IPO) planned for the final week of October, the Wall Street Journal reported, citing unnamed people familiar with the matter. The proposed deal would put its valuation at over RM6 billion.
The Journal also reported that dozens of cornerstone investors had committed to the offering, agreeing to buy a significant share before it opens. Big Caring is targeting mid-November for its Main Market listing.
Big Caring runs over 600 pharmacies across Malaysia. Its draft prospectus says the network spans all 13 states and three Federal Territories. The group is led by Lee Meng Chuan and his wife, executive director Lim Sin Yin. The couple, both pharmacists, started with an outlet in Damansara Uptown in 2006.
The company has signed an agreement for retail underwriting with Maybank Investment Bank Bhd, RHB Investment Bank Bhd and AmInvestment Bank Bhd. The three banks also share principal advisory, global coordination and bookrunning roles for the IPO. UBS Securities Malaysia Sdn Bhd and UBS AG, Singapore branch are also involved in global coordination and bookrunning.
