Market Chatter: Big Caring Targets About MYR3 Billion Via Malaysia IPO
Big Caring Group is preparing for a stock market debut that could raise as much as 3 billion ringgit ($750 million), positioning the pharmacy retailer among Malaysia's largest IPOs in recent years, Bloomberg News reported Friday, citing people with knowledge of the matter.The pharmacy chain, backed by private equity firm Creador, is aiming to list by October. It plans to offer up to 25.5% of its enlarged share capital, with part of the proceeds to be used to repay debt. The size and timing of the IPO could still change.Big Caring runs 626 outlets across Malaysia under brands including Big Pharmacy and Caring Pharmacy. Creador, which holds roughly 34% of the company, plans to sell up to 14.8% of its stake in the offering. The company did not respond to Bloomberg's request for a comment, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)