99 Speed Mart Retail Holdings Berhad has signed a retail underwriting agreement with CIMB Investment Bank Berhad, Affin Hwang Investment Bank Berhad, and RHB Investment Bank Berhad in conjunction with its upcoming initial public offering which the gruip said it is targettig for the Main Marlet the third quarter of 2024.

The well known retailer offers daily necessities, predominantly fast-moving consumer goods, through its extensive network of mini-market outlets across Malaysia. The well-established "99 Speedmart" chain currently boasts over 2,600 outlets nationwide.

99 Holdings' IPO of up to 1,428.0 million ordinary shares will comprise an offer for sale of up to 1,028.0 million existing ordinary shares and a public issue of 400.0 million new ordinary shares.

CIMB Investment Bank Berhad has been appointed as the Sole Managing Underwriter, and along with Affin Hwang Investment Bank Berhad and RHB Investment Bank Berhad as the Joint Underwriters will jointly underwrite the entire retail offering of the IPO.

99 Holdings' founder and Chief Executive Officer, Lee Thiam Wah said, "The signing of the retail underwriting agreement marks a significant milestone for the Company, bringing us a step closer towards the listing on the Main Market of Bursa Securities. By tapping into the capital markets we can accelerate our expansion plan and continue scaling our store network.

CIMB Investment Bank Berhad's Deputy Chief Executive Officer, Nor Masliza Sulaiman, said "99 Holdings has grown to be a familiar household brand amongst Malaysians, and witnessing its remarkable growth to become the largest mini-market retail chain in Malaysia has been truly inspiring. We look forward to our continued partnership and collaboration as 99 Holdings charts their next phase of growth."

CIMB Investment Bank Berhad is the Principal Adviser, Sole Bookrunner, Sole Managing Underwriter, and Joint Underwriter, while both Affin Hwang Investment Bank Berhad and RHB Investment Bank Berhad are the Joint Underwriters for the IPO.