KLANG: Big Caring Group Bhd (BCG), Malaysia’s leading integrated pharmacy chain, signed a retail underwriting agreement with Maybank Investment Bank Bhd (Maybank IB), RHB Investment Bank Bhd (RHB IB) and AmInvestment Bank Bhd (AmInvest) for its initial public offering (IPO) and listing on the Main Market of Bursa Malaysia.
BCG’s IPO will offer up to 1.9 billion ordinary shares, equivalent to 25.5% of the group’s enlarged issued shares.
This comprises a public issue of 590.5 million shares, equivalent to 8.0% of the enlarged issued share capital, and an offer for sale of 1.3 billion existing shares, equivalent to 17.5% of the enlarged issued share capital.
The IPO will comprise an institutional offering of up to 1.6 billion shares, representing up to 21.9% of the group’s enlarged issued shares.
Of this total, 922.7 million shares will be offered to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), while up to 692 million shares will be offered to Malaysian institutional and selected investors, excluding MITI-approved Bumiputera investors, as well as foreign institutional and selected investors outside the United States under Regulation of the US Securities Act of 1933.
The retail offering will involve 267.6 million shares, representing 3.6% of the group’s enlarged issued shares.
Of these, 147.6 million shares will be made available to the Malaysian public through balloting, with equal allocation between Bumiputera and non-Bumiputera applicants.
The remaining 120 million shares will be reserved for the group’s directors and eligible employees, as well as individuals who have contributed to the group’s success.
BCG’s group managing director and group CEO Lee Meng Chuan said that, as a leading integrated pharmacy chain in Malaysia, the group has reached this pivotal milestone in its listing journey with the signing of the retail underwriting agreement.
“From a single pharmacy outlet, we have grown into a nationwide network of more than 600 outlets through organic expansion and strategic acquisitions, underpinned by the dedication of our team and enduring trust of our customers.
“The listing will provide us with additional resources to support our next phase of growth. We continue to expand our retail footprint, strengthen our omni-channel capabilities, enhance our distribution infrastructure, and broaden our integrated pharmacy offerings.
“At the same time, we remain committed to disciplined execution and maintaining the service standards that have supported our growth,” he said.
BCG is an integrated pharmacy chain principally engaged in the retail sale of pharmaceutical, healthcare, beauty, general merchandise and other related products through its nationwide network of retail outlets, e-commerce platforms and corporate sales channels.
Beyond retail, the group also manufactures, imports, markets, distributes and wholesales healthcare, pharmaceutical and nutraceutical products as well as provides physiotherapy, tele-consultation and other healthcare-related services.
Demonstrating rapid physical growth, BCG added 58 outlets in the financial year ending June 30, 2026 (FY26).
Since then the group added a further 12 outlets up to Sept 30, 2026, bringing its total footprint to 668 retail outlets across Malaysia under the brands BIG Pharmacy, CARiNG Pharmacy, Georgetown Pharmacy, Wellings Pharmacy, Ting Pharmacy and iCare Pharmacy.
This network expansion underpinned strong financial performance, with revenue surging at a compound annual growth rate of 53.6% from RM1.1 billion in FY23 to RM4.0 billion in FY26.
Over the same period, profit after tax grew from RM41.2 million to RM231.8 million.
Maybank IB CEO Michael Oh-Lau said BCG Group’s evolution into an integrated pharmacy chain with an extensive nationwide presence reflects a strong growth trajectory.
He said its track record of organic expansion and strategic acquisitions has laid a strong foundation for its next phase of development.
“The listing represents an important milestone for the group as it continues to strengthen its presence and pursue opportunities across Malaysia’s healthcare retail sector,” he said.
RHB IB CEO and managing director Kevin Davies said it has been a privilege to support BCG Group on its IPO journey.
He said the group has made significant strides in building a business that resonates strongly with Malaysians.
“With its listing, BCG Group is well-positioned to take the next step in its growth story by expanding its reach and capturing new opportunities in Malaysia’s growing healthcare retail sector.
“We look forward to seeing the group build on its success and embark on this exciting phase of growth as a listed company,” he said.
AmInvest CEO Christopher Ng said the bank is looking forward to working alongside BCG Group as it celebrates an important turning point in its IPO journey with the retail underwriting ceremony.
“The group has established a strong position in Malaysia’s healthcare retail sector, underpinned by its trusted brands, extensive network and integrated business model.
“We are confident that the IPO will provide a solid foundation for BCG Group to further strengthen its market presence, accelerate its growth initiatives and create sustainable long-term value as a listed company,” he said.
Maybank IB and RHB IB are the joint principal advisers, joint global coordinators, joint bookrunners, joint managing underwriters and joint underwriters for the proposed IPO.
AmInvest serves as joint principal adviser, joint global coordinator, joint bookrunner and joint underwriter, while UBS Securities Malaysia Sdn Bhd and UBS AG, Singapore Branch, serve as joint global coordinators and joint bookrunners.