KUALA LUMPUR (Oct 14): Operator of pharmacy chains Big Caring Group Bhd (BCG) has signed a retail underwriting agreement with Maybank Investment Bank Bhd, RHB Investment Bank Bhd and AmInvestment Bank Bhd ahead of its proposed listing on the Main Market of Bursa Malaysia.
The group, which operates the BIG Pharmacy and CARiNG Pharmacy chains, said the initial public offering (IPO) will involve up to 1.9 billion shares, representing 25.5% of its enlarged share capital. Of this, 590.5 million new shares will be issued, while 1.3 billion existing shares will be offered for sale.
Maybank Investment Bank and RHB Investment Bank are the joint principal advisers, joint global coordinators, joint bookrunners, joint managing underwriters and joint underwriters for the IPO.
AmInvestment Bank is also a joint principal adviser, joint global coordinator, joint bookrunner and joint underwriter, while UBS Securities Malaysia Sdn Bhd and UBS AG, Singapore Branch are joint global coordinators and joint bookrunners.
The IPO comprises an institutional tranche of up to 1.6 billion shares while 267.6 million shares will be offered to retail investors.
Under the institutional offering, 922.7 million shares will be allocated to Bumiputera investors approved by the Investment, Trade and Industry Ministry, while up to 692 million shares will be offered to other Malaysian and foreign institutional and selected investors.
The retail portion will comprise 147.6 million shares for the Malaysian public, split equally between Bumiputera and non-Bumiputera applicants, and 120 million shares for eligible directors, employees and other persons who have contributed to the group.
In a press statement, the group said it added 58 outlets in the financial year ended June 30, 2026 (FY2026), followed by 12 in the subsequent three months, bringing its retail network to 668 stores.
Its revenue grew at a compound annual growth rate of 53.6%, rising from RM1.1 billion in FY2023 to RM4 billion in FY2026. Over the same period, profit after tax increased from RM41.2 million to RM231.8 million.
Group managing director and chief executive officer Lee Meng Chuan said the listing would support expansion plans, including growing its store network, improving online and offline retail operations and strengthening distribution capabilities.
“As a leading integrated pharmacy chain in Malaysia, we are pleased to have reached this pivotal milestone of our listing journey with the signing of the retail underwriting agreement,” said Lee.
BCG is led by Lee and his wife, Lim Sin Yin — an executive director with the group. Both are pharmacists and opened their first outlet in Damansara Uptown in 2006.
Maybank Investment Bank chief executive officer Michael Oh-Lau said BCG's expansion through new store openings and acquisitions had laid the groundwork for further growth.
“It has been a privilege to support BCG Group on its IPO journey. The Group has made significant strides in building a business that resonates strongly with Malaysians,” said RHB Investment Bank chief executive officer and managing director Kevin Davies.
AmInvestment Bank chief executive officer Christopher Ng said the IPO was expected to support the group's expansion plans and strengthen its market position over the longer term.
The indicative IPO price and the market valuation were no disclosed in the statement.