Lee Thiam Wah, born in 1964 in Klang, Malaysia, has transformed his life from selling snacks at a roadside stall to becoming a billionaire and the CEO of 99 Speed Mart Retail Holdings Bhd. His journey began after he lost the use of his legs due to polio, which did not deter him from pursuing his entrepreneurial dreams. Today, 99 Speed Mart operates over 2,600 convenience stores and commands a 40% market share in the mini-market segment in Malaysia [ac6301f1].
The company's initial public offering (IPO) on September 9, 2024, raised approximately US$531 million, marking it as Malaysia's largest IPO in seven years. This significant event is expected to bolster the company's growth, with Lee planning to utilize the IPO proceeds for further expansion and debt repayment [ac6301f1].
In the first quarter of 2024, 99 Speed Mart reported a profit of 133.2 million ringgit on revenue of 2.4 billion ringgit, showcasing its robust financial health as it prepares for a new phase of growth following the IPO [ac6301f1].
As 99 Speed Mart prepares for its market debut, it coincides with the release of critical economic data from China, including inflation and Producer Price Index (PPI) figures. The Consumer Price Index (CPI) is projected to grow by 0.7% year-on-year, while the PPI is expected to decline by 1.4% year-on-year [fd4d964d]. This economic backdrop will be pivotal for investors as they gauge the broader market conditions that could impact retail and consumer spending [fd4d964d].
The successful IPO of 99 Speed Mart not only highlights Lee's remarkable journey but also signals renewed investor confidence in the Malaysian market, potentially influencing other local companies to consider similar moves in the near future [918561ed].