Malaysian pharmacy group Big Caring signs retail underwriting deal ahead of IPO

Oct 14 (Reuters) – Malaysia’s largest pharmacy chain operator Big Caring Group said on Wednesday it has signed a retail underwriting agreement with three local banks for its planned initial public offering.

• Maybank Investment Bank, RHB Investment Bank and AmInvestment Bank have committed to underwrite the retail offering of 267.6 million shares

• Big Caring plans to offer up to 1.9 billion shares or about 25.5% stake for the listing, with the majority allocated to institutional investors

• The planned IPO comes as healthcare assets in Southeast Asia attract growing investor interest, supported by rising incomes and ageing populations

• In March, Sunway Healthcare raised 2.86 billion ringgit ($700.81 million) in Malaysia’s largest listing in nine years

• Backed by Kuala Lumpur-based private equity firm Creador, Big Caring currently operates 668 stores across Malaysia, it said.

• The company’s profit after tax grew to 231.8 million ringgit in fiscal 2026 from 41.2 million ringgit in fiscal 2023, it added.

• In a prospectus filed in April, the company said proceeds from the listing would be used to repay bank borrowings and establish a new distribution centre.

($1 = 4.0810 ringgit)

(Reporting by Shruti Agarwal in Bengaluru; Editing by Janane Venkatraman)