On Monday, a pivotal moment emerged in the career of 60-year-old entrepreneur Lee Thiam Wah, the founder and owner of Malaysia’s leading mini-market chain 99 Speed Mart. His company’s much-anticipated initial public offering (IPO) made history by becoming Malaysia’s biggest IPO in seven years, making him a billionaire. Luck Starting from a simple roadside snack shop in Malaysia, Mr Wah has built a retail empire that now owns over 2,600 convenience stores across the country.
Today, his company, 99 Speed Mart Retail Holdings Bhd, made a triumphant debut on the Kuala Lumpur Stock Exchange, raising $531 million in Malaysia’s biggest initial public offering (IPO) in seven years. As the stock surged 15% on the first day, Mr Wah’s net worth soared to $2.8 billion, according to the report. ForbesThe listing of his company not only cements his status as one of Malaysia’s richest men, but also represents a historic moment for the country’s capital markets.
“This is a pivotal moment for Malaysia’s IPO landscape and Southeast Asia’s capital markets. This is likely to boost market sentiment and establish Malaysia as a major player in regional listings,” said Mohit Mirpuri, senior partner and fund manager at Singapore-based SGMC Capital Pte Ltd.
The extraordinary journey of Lee Thiam Wah:
Lee, one of 11 children, was born in 1964 to an ordinary family in Klang, Malaysia’s largest port. His parents, a construction worker and a hawker, could only afford to send him to school until he was six. After contracting polio, which left him unable to use his legs, Lee faced significant challenges finding employment. Not giving up, he began selling snacks from a roadside stall, eventually saving enough to open his first grocery store in 1987, South China Morning Post Report.
“I have to support myself. Nobody will hire me because of my physical disability,” said Mr Wah. Forbes in 2010.
Through hard work, he expanded his business into the country’s largest mini-market chain, 99 Speed Mart, with about 2,600 stores nationwide. He also became a significant shareholder in Alliance Bank Malaysia Bhd and invested in Burger King’s Malaysian franchise. After the company’s IPO, he aims to increase the number of stores to about 3,000 in the next three years, according to the prospectus.
