Malaysian Retailer's IPO to Make Founder a Billionaire

Lee Thiam Wah, the founder of Malaysia's largest mini-mart chain, 99 Speed Mart Retail Holdings, is poised to join the ranks of elite retailers with the company's upcoming listing in September. The firm plans to offer up to 17% of its equity at 1.65 ringgit per share, with Lee divesting a portion of his stake. The company aims to enhance its market presence, particularly in the northern and eastern regions of Malaysia. In 2023, 99 Speed Mart reported a remarkable 15% increase in annual revenue, reaching 9.2 billion ringgit, while net profit surged by 22% to 400 million ringgit. Despite these impressive figures, the company has not yet responded to inquiries from Forbes regarding the listing. Lee's journey to success is particularly inspiring, as he overcame significant personal challenges, including contracting polio as a child, which left him wheelchair-bound. Growing up in a large family with limited resources, Lee's early education was cut short, but he found ways to support himself by selling snacks from a roadside stall. His entrepreneurial spirit led him to establish the Pasar Mini 99 chain, catering to lower-income and migrant workers with competitive pricing. By 2000, he had rebranded his stores as 99 Speedmart, which has since expanded to over 2,600 locations and employs 22,500 people, surpassing rival 7-Eleven in Malaysia.