KUALA LUMPUR: Big Caring Group Bhd's proposed initial public offering (IPO) will involve up to 1.9 billion shares, or 25.5 per cent of its enlarged share capital, as it moves closer to its planned listing on Bursa Malaysia's Main Market.
The IPO comprises 590.5 million new shares and an offer for sale of 1.3 billion existing shares in the integrated pharmacy group.
While the public issue will raise fresh capital for the company, proceeds from the offer for sale will go to the selling shareholders.
Big Caring has not yet specified the IPO price in the provided details, although it was reportedly looking to raise as much as RM3 billion in one of Malaysia's largest listings over the past decade.
Today, the company signed a retail underwriting agreement with Maybank Investment Bank Bhd, RHB Investment Bank Bhd and AmInvestment Bank Bhd ahead of the proposed listing.
Under the IPO structure, the public issue represents eight per cent of the enlarged share capital, while the offer for sale accounts for the remaining 17.5 per cent.
Up to 1.6 billion shares, or 21.9 per cent of the enlarged share capital, will be offered to institutional investors.
This includes 922.7 million shares allocated to Bumiputera investors approved by the Investment, Trade and Industry Ministry, alongside up to 692 million shares for Malaysian institutional and selected investors, as well as foreign institutional and selected investors outside the United States.
The retail offering comprises 267.6 million shares, equivalent to 3.6 per cent of the enlarged share capital.
Of these, 147.6 million new shares will be offered to the Malaysian public through balloting, with equal allocations for Bumiputera and non-Bumiputera applicants.
Another 120 million new shares will be reserved for the group's directors, eligible employees and individuals who have contributed to its success.
Big Caring operates 668 retail outlets nationwide as of September 30, under the Big Pharmacy, Caring Pharmacy, Georgetown Pharmacy, Wellings Pharmacy, Ting Pharmacy and iCare Pharmacy brands.
It added 58 outlets in the financial year ended June 30, 2026 (FY26) followed by another 12 outlets in the three months to Sept 30.
Beyond retail pharmacy operations, BCG manufactures, imports, markets, distributes and wholesales healthcare, pharmaceutical and nutraceutical products.
It also provides physiotherapy, teleconsultation and other healthcare-related services.
Its revenue grew at a compound annual growth rate of 53.6 per cent, from RM1.1 billion in FY23 to RM4.0 billion in FY26.
Its net profit also increased significantly, rising from RM41.2 million in FY23 to RM231.8 million in FY26.
Group managing director and group chief executive officer Lee Meng Chuan said the agreement marked a key milestone in the company's listing journey.
This follows its expansion from a single pharmacy outlet into a nationwide network through organic growth and strategic acquisitions.
He said the proposed listing will provide additional resources to support the next phase of growth.
This includes expanding its retail network, strengthening its omnichannel capabilities, enhancing distribution infrastructure and broadening its integrated pharmacy offerings.
"The listing will provide us with additional resources to support our next phase of growth.
"We continue to focus on expanding our retail footprint, strengthening our omni-channel capabilities, enhancing our distribution infrastructure and broadening our integrated pharmacy offerings," he said in a statement.
Maybank IB chief executive officer Michael Oh-Lau said Big Caring's expansion and acquisitions established a strong foundation for its next phase of development.
RHB Investment chief executive officer and managing director Kevin Davies said the listing would position the group to expand its reach and pursue new opportunities in Malaysia's healthcare retail sector.
Meanwhile, AmInvestment Bank chief executive officer Christopher Ng said the IPO would support BCG's efforts to strengthen its market presence, accelerate growth initiatives and create sustainable long-term value.
Maybank IB and RHB Investment are the joint principal advisers, joint global coordinators, joint bookrunners, joint managing underwriters and joint underwriters for the proposed IPO.
AmInvestment Bank is the joint principal adviser, joint global coordinator, joint bookrunner and joint underwriter, while UBS Securities Malaysia Sdn Bhd and UBS AG's Singapore branch are joint global coordinators and joint bookrunners.
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