Malaysia’s Big Caring Launches $2 Billion IPO, Listing Set for Nov. 19

Malaysian pharmacy chain Big Caring Group on Thursday launched its initial public offering at a valuation of about 8 billion ringgit ($2 billion), ahead of a planned Nov. 19 listing debut on Bursa Malaysia, the company said in a statement.

The retailer is offering up to 1.9 billion shares at a maximum price of 1.08 ringgit each. 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, it added. 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 launch of our prospectus marks an important milestone in Big Caring Group’s growth journey,” said Group Managing Director and Chief Executive Lee Meng Chuan.

**Use of Proceeds and Dividend Policy**

Big Caring said it plans to use 89.5% of the proceeds from the new shares to repay bank borrowings within three months of listing. Another 4.7% will go toward building a distribution centre within 36 months, with the remainder allocated for listing costs.

The company also targets dividend payments of up to 50% of profit attributable to owners, subject to cash levels, debt and capital spending needs.

**Cornerstone Investors and Underwriters**

Nineteen cornerstone investors have agreed to buy a combined 665.5 million shares before the listing, according to the company’s prospectus. The investors include 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.

**Founder’s Journey and Growth Strategy**

The IPO caps a two-decade journey for Lee Meng Chuan, who opened his first drugstore, Big Pharmacy, in his 20s. Now 45, Lee built the chain into Malaysia’s largest dispensary network with 668 outlets, according to an interview with Bloomberg.

“There is still a lot of untapped market,” Lee said. “We are still young, very hungry, very confident, and still very bullish,” he added, referring to himself and his wife, Lim Sin Yin, who co-founded Big Caring and serves as its executive director.

The company’s growth accelerated after Lee bought loss-making RedCap Pharmacy in 2018, adding 22 outlets in one go. That deal also brought private equity firm Creador into Big Caring as a shareholder. The acquisition of Caring Pharmacy Group from 7-Eleven Malaysia Holdings in late 2023 added 256 outlets, eventually giving the enlarged group its current name.

Big Caring has since expanded beyond pharmacy retail. It bought medical-products distributor Medispec from state-owned private equity firm Ekuiti Nasional in 2025, and now operates manufacturing and distribution arms, a digital-health app, and a business supplying medical products to hospitals, Bloomberg reported.

**Financial Performance and International Expansion**

For the financial year ended June 30, Big Caring’s net profit rose 57% to 191.6 million ringgit, while revenue increased 18% to 4.02 billion ringgit, according to Bloomberg.

The company is also looking abroad. It has agreed to acquire 96% of Singapore-based medical-goods wholesaler Yeap Medical Supplies, which Lee described as a foothold for cross-border expansion.

“I always want to bring our brand overseas,” Lee said. “I want to make Malaysia proud.”

**Creador Stake Sale**

The listing will mark a significant sell-down for Creador. Its investment vehicle Iris Pallida is selling 863.7 million shares and could offload more through an over-allotment option, cutting Creador’s stake from 33.7% to as little as 16.3%, Bloomberg reported. At the indicative price, the sale could be worth about 1.18 billion ringgit. The deal would be the largest Creador-backed listing to date.

Lee and Lim, meanwhile, will remain heavily invested. Their holding vehicle Uptown Paradise will retain a 34.4% stake after selling about 374.7 million shares, with both continuing to own shares directly.

Big Caring is tapping a Malaysian healthcare market that is drawing increasing capital. Sunway Healthcare Holdings raised about 3.3 billion ringgit earlier this year in the country’s biggest IPO in nine years, including an over-allotment option.