Key facts
- Big Caring Group launched its IPO on Thursday, aiming for an 8 billion ringgit ($2 billion) valuation.
- The Malaysian pharmacy chain plans to list on Bursa Malaysia on November 19.
- Proceeds will primarily be used to repay bank borrowings.
- Cornerstone investors will purchase a combined 665.5 million shares.
Malaysian pharmacy chain Big Caring Group launched its initial public offering on Thursday, with the potential to value the company at 8 billion ringgit ($2 billion). The company plans to debut on Bursa Malaysia on November 19. The offering includes new shares to raise capital for debt repayment and expansion, as well as existing shares sold by current shareholders. Big Caring intends to use the majority of the proceeds from new shares to repay bank borrowings within three months of listing, with a portion allocated for building a distribution center. The company also indicated a target for dividend payments of up to 50% of profit attributable to owners.