Malaysian discount retail chain Eco–Shop Marketing is targeting a valuation of 6.49 billion ringgit ($1.5 billion) for its initial public offering, it said on Friday, in what will be Malaysia’s largest IPO so far in 2025.
Founded in 2003, the company is looking to raise 392.1 million ringgit ($91.3 million) by offering 347 million shares at an offer price of 1.13 ringgit apiece.
According to its prospectus, the company has already secured commitments from ten cornerstone investors that will collectively subscribe 90.91 million shares, or 90.31% of the offering.
Applications for the retail portion will close on May 7, with the company set to list on May 23.
Eco–Shop is primarily owned by its founder and managing director, Datuk Seri Lee Kar Whatt, who holds an 80.3% direct stake. Another 10% is held by Agathis Montana Sdn Bhd (AMSB), an investment vehicle managed by private equity firm Creador IV. Creador is also known for its backing of Mr DIY Group (M).
Its IPO would be the largest in the Southeast Asian nation since 99 Speed Mart Retail’s 2.36 billion ringgit listing in 2024.
Reuters
