On Monday, a milestone moment unfolded in the career of 60-year-old entrepreneur Lee Thiam Wah, founder and owner of 99 Speed Mart, Malaysia's dominant mini-market chain. His company's highly anticipated initial public offering (IPO) made history as the largest in Malaysia in seven years, catapulting him to billionaire status,Fortune reported. Starting with a simple roadside snack stall in Malaysia, Mr Wah has built a retail empire that now boasts over 2,600 convenience stores across the nation.
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 largest initial public offering (IPO) in seven years. As the stock soared up to 15% on its first day, Mr Wah's net worth skyrocketed to $2.8 billion, according to Forbes. His company’s listing not only solidifies his position as one of Malaysia’s wealthiest individuals but also represents a landmark moment for the country’s capital markets.
''It comes at a crucial moment for both Malaysia's IPO landscape and Southeast Asia's capital markets. This could boost market sentiment and position Malaysia as a key player in regional listings,'' said Mohit Mirpuri, a senior partner and fund manager at Singapore-based SGMC Capital Pte Ltd.
Lee Thiam Wah's extraordinary journey:
Lee, one of 11 children, was born in 1964 to a humble family in Klang, Malaysia's largest port. His parents, a construction worker and a hawker, could only afford to send him to school for six years. After contracting polio, which left him unable to use his legs, Lee faced significant challenges in finding employment. Undeterred, he began selling snacks from a roadside stall, eventually saving enough to open his first grocery store in 1987, South China Morning Post reported.
"I have to help myself. Nobody would hire me due to my physical limitation," Mr Wah told Forbes in 2010.
Through hard work, he expanded his business into the country's largest mini-market chain, 99 Speed Mart, with nearly 2,600 stores nationwide. He also became a significant shareholder in Alliance Bank Malaysia Bhd. and invested in the Malaysian franchise of Burger King. Following the company's IPO, he aims to increase the store count to approximately 3,000 over the next three years, as stated in the prospectus.
