Malaysia's Big Caring Group launches IPO at RM8 billion valuation

Malaysia's largest pharmacy chain, Big Caring Group, has launched its IPO on Bursa Malaysia, valuing the company at RM8 billion (S$2.4 billion). The offering includes up to 1.9 billion shares at RM1.08 each, with proceeds primarily used to repay bank borrowings.

Malaysia's biggest pharmacy chain, Big Caring Group, launched its initial public offering on Thursday, 29 Oct 2026, with a planned listing on Bursa Malaysia on 19 November. The IPO values the company at RM8 billion (S$2.4 billion) based on its enlarged share base of 7.4 billion shares and the maximum offer price of RM1.08 each.

The retailer is offering up to 1.9 billion shares. This includes 590.5 million new shares expected to raise approximately RM637.8 million for the company, and 1.3 billion existing shares sold by current shareholders. Big Caring, which operates more than 600 outlets across Malaysia, said it will use 89.5 per cent of the proceeds from the new shares to repay bank borrowings within three months of listing, 4.7 per cent to build a distribution centre within 36 months, and the remainder for listing costs.

The group also targets dividend payments of up to 50 per cent 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 before the listing, including International Finance Corp, JPMorgan Asset Management, abrdn, Principal Asset Management and First Sentier Investors.

"The launch of our prospectus marks an important milestone in Big Caring Group's growth journey," said Lee Meng Chuan, the group's managing director and chief executive. 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.