Lee Thiam Wah's 99 Speed Mart’s IPO raise US$531 million and boost his net worth to US$3.3 billion.
Lee Thiam Wah success story: Lee Thiam Wah's extraordinary journey from selling snacks at a roadside stall to becoming one of Malaysia’s newest billionaires is a testament to his perseverance and business acumen. On Monday, the 60-year-old entrepreneur and owner of 99 Speed Mart, Malaysia's largest mini-market chain, witnessed a landmark event in his career. His company’s initial public offering (IPO) became the country’s biggest IPO in seven years, signaling a significant rebound in Malaysia’s stock market.
The IPO was a major success, raising an impressive US$531 million and elevating Lee’s net worth to an estimated US$3.3 billion, according to the Bloomberg Billionaires Index. On the first day of trading, shares of 99 Speed Mart Retail opened at 1.85 ringgit (US$0.39) per share, marking a 12.1% increase from the IPO price of 1.65 ringgit. The shares even peaked at 1.91 ringgit during the trading session. By mid-morning, over 3 million shares had already been traded, reflecting strong interest from both local and international investors.
Lee Thiam Wah's story is one of resilience and determination. Born in Klang, Malaysia’s largest port city, Lee grew up in a modest household with his father working as a construction worker and his mother running a hawker stall. He was one of 11 children, and a bout of polio left him disabled at a young age. His family’s financial constraints limited his formal education to just six years of schooling.
Despite these early hardships, Lee ventured into the business world by selling snacks from a roadside stall. In 1987, he took a significant step forward by opening his first grocery store. Over the years, his venture grew into 99 Speed Mart, which now boasts nearly 2,700 stores across Malaysia, establishing itself as a retail giant.
In addition to his success with 99 Speed Mart, Lee holds a significant stake in Alliance Bank Malaysia Bhd. and has an interest in the company that franchises Burger King in Malaysia. With the substantial funds raised from the IPO, Lee plans to expand his mini-market chain further. His goal is to increase the number of 99 Speed Mart stores to around 3,000 within the next three years, as outlined in the company’s prospectus.
Lee Thiam Wah’s rise from humble beginnings to billionaire status not only highlights his exceptional entrepreneurial skills but also serves as an inspiring story of overcoming adversity and achieving great success in the competitive business world.
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