Big Caring Group Launches $2B IPO, Sets Nov. 19 Bursa Malaysia Debut

Big Caring Group Bhd., Malaysia’s largest pharmacy chain by store count, launched its initial public offering on Thursday, Oct. 29, with the deal valuing the company at about 8 billion ringgit ($2 billion) ahead of a planned Nov. 19 listing on Bursa Malaysia.

The retailer is offering up to 1.9 billion shares at a maximum price of 1.08 ringgit each, according to a company statement cited by Reuters. The sale comprises 590.5 million new shares expected to raise about 637.8 million ringgit for the company, and 1.3 billion existing shares sold by current shareholders. The 8 billion ringgit valuation is based on Big Caring’s enlarged share base of 7.4 billion shares and the maximum IPO price, the statement said.

The IPO is worth as much as RM2.3 billion ($565 million), Bloomberg reported, citing the company’s offering details.

Big Caring plans to use 89.5% of the proceeds from the new shares to repay bank borrowings within three months of listing, 4.7% to build a distribution center within 36 months, and the remainder for listing costs, the company said. It also targets dividend payments of up to 50% of profit attributable to owners, subject to cash levels, debt and capital spending needs.

Nineteen cornerstone investors have agreed to buy a combined 665.5 million shares, including International Finance Corp., JPMorgan Asset Management, abrdn, Principal Asset Management and First Sentier Investors.

Maybank Investment Bank, RHB Investment Bank and AmInvestment Bank are joint principal advisers and global coordinators. UBS Securities Malaysia and UBS AG’s Singapore branch are also joint global coordinators and bookrunners.

**From a Single Pharmacy to a National Chain**

Big Caring’s journey began in 2006 when founder and Group Managing Director Lee Meng Chuan opened his first Big Pharmacy store in his 20s, Bloomberg reported in an interview with Lee. Now 45, Lee built the chain into Malaysia’s largest dispensary network with 668 outlets.

The company expanded through a mix of organic growth and acquisitions. In 2018, Lee bought loss-making RedCap Pharmacy Sdn., adding 22 outlets and bringing in private equity firm Creador Sdn. as a shareholder via a share swap. That deal, Lee told Bloomberg, was “like getting a Masters in Business Administration course for two to three years.”

The turning point came in late 2023 when Big Caring acquired Caring Pharmacy Group from 7-Eleven Malaysia Holdings Bhd., adding 256 outlets and eventually giving the enlarged group its current name. In 2025, it bought medical-products distributor Medispec from state-owned private equity firm Ekuiti Nasional Bhd.

For the financial year ended June 30, Big Caring’s net profit rose 57% to RM191.6 million, while revenue increased 18% to RM4.02 billion, Bloomberg reported.

**Growth Ambitions and Overseas Push**

Lee described Big Caring as an integrated healthcare company with manufacturing, distribution, a digital-health app and a business supplying medical products to hospitals, beyond its pharmacy counter operations.

“There is still a lot of untapped market,” Lee said in the Bloomberg interview. “We are still young, very hungry, very confident, and still very bullish.”

The IPO will provide financial firepower for further expansion. Lower debt from the proceeds could give the company more flexibility for future acquisitions, Lee said. The company has earmarked RM30 million for a new distribution center.

Big Caring is also looking beyond Malaysia. It has agreed to acquire 96% of Singapore-based Yeap Medical Supplies Pte., a medical-goods wholesaler that Lee sees as a foothold for further regional expansion. “I always want to bring our brand overseas,” he told Bloomberg. “I want to make Malaysia proud.”

**Creador’s Significant Sell-Down**

The listing marks a major exit for Creador, whose investment vehicle Iris Pallida Sdn. is selling 863.7 million shares and could offload more through an over-allotment option, cutting its stake from 33.7% to as little as 16.3%. At the indicative price, the sale could be worth about RM1.18 billion, Bloomberg reported. The deal would be the largest Creador-backed listing to date.

Lee and his wife, Lim Sin Yin, who co-founded the company and serves as its executive director, will remain firmly invested. Their holding vehicle Uptown Paradise Sdn. will retain a 34.4% interest after selling about 374.7 million shares, and both will continue to own shares directly.