Started from the Pasar, Now the Stock Market Darling 99!

Alright folks, here’s the story of *99 Speed Mart*, a little convenience store that just hit the big leagues!

So picture this, it’s Monday morning, and *99 Speed Mart* makes its grand debut on the Malaysian stock exchange. It opens at RM1.85, which, for those keeping track, is a solid 12.1% bump above its IPO price. By the time the bell rings, they’ve managed to climb up nearly 14% to close at RM1.88. Now, I’m no financial wizard, but that sounds like a pretty good day at the office!

Now let’s talk about Lee Thiam Wah, the mastermind behind all this. This guy started from the bottom – literally! His journey began with a roadside stall, selling groceries in the 80s. Fast forward a few decades, and now he's got over 2,600 stores. From a "Pasar Mini" to a billionaire, this man is like the Malaysian version of "Started from the bottom, now we’re here!"

But wait, there’s more! They just pulled off the biggest IPO Malaysia has seen in 7 years. *RM2.36 billion* raised, with RM1.7 billion coming from Lee and his wife selling shares. I mean, I guess it’s time for Lee to upgrade from a 99-cent mart to a "billionaire mart" now!

So what’s next for the empire? Well, *99 Speed Mart* is already the top mini-mart chain in Malaysia, owning 40% of the market share, and they’re eyeing more. Forget *Mr. DIY*, *99 Speed Mart* is coming for you, and they’ve got their eye on expanding even more aggressively. And with a 66% increase in profits in Q2, they’re proving you can never have too many convenience stores!

Oh, and about dividends? They're keeping 50% of those earnings to toss back to shareholders, but the dividend yield is a modest 1.8%. So for those of you hoping to retire off Speed Mart stock... maybe don’t get too comfy just yet.

But here’s the kicker: the money from this IPO? It’s not just for Lee to buy a new yacht or anything. No, they’re using 59% of it to open even more stores. Like, isn’t 2,600 enough?! Apparently not. By 2025, they want 3,000 outlets, because who doesn’t want a *99 Speed Mart* at every corner?

And let’s not forget, 14 cornerstone investors hopped on this train, including some big names like *abrdn Asia* and *UOB Asset Management*. Analysts are saying this stock is worth anywhere between RM1.75 to RM1.98. Sounds like a steal – unless, of course, you prefer doing your shopping in Mr. DIY's hardware aisles.

In short, *99 Speed Mart* is out here killing it – crushing the competition, expanding like it's Monopoly, and maybe even setting its sights on Southeast Asia. Keep an eye out folks, because soon enough, there’ll be a Speed Mart at your door before you even think about running out of snacks!

Disclaimer: This isn’t financial advice, unless you want it to be, in which case... good luck