KUALA LUMPUR: Interest in Malaysia's largest initial public offering in seven years saw Lee Thiam Wah add another RM2 billion to his fortunes just a day after listing 99 Speed Mart Retail Holdings Bhd at RM1.65 a piece.
At last count the counter was trading at RM1.90 a share, giving it a market capitalisation of RM15.9 billion and growing Lee's substantial net worth by another RM 2 billion.
He joins the ranks of Sunway Group's founder and chairman Tan Seri Dr Jeffrey Cheah who is ranked eight place in Forbes Malaysia's 50 richest (US$2.4 billion) and Genting Bhd's tycoon Tan Sri Lim Kok Thay (US$2.2 billion).
As at September 9, Lee holds a 28.2 per cent direct stake in the company and another 51.5 per cent indirect interest through his 100 per cent-owned Lee LYG Holdings Sdn. Bhd.
Based on a RM1.90 share price, Lee's net worth hit RM13 billion.
Lee overcame the impossible and charted a successful path in the retail industry despite his challenges.
Lee has not been able to use his legs since he was an infant due to polio.
As a child, tight financial circumstances only allowed his parents to support his education up until primary school.
To fill the days that were supposed to be spent in secondary school, Lee sold snacks by the roadside, his first gig in entrepreneurship.
In 1987 at the age of 23, Lee opened a sundry shop known as Pasar Raya Hiap Hoe in Klang, from the money he saved by selling snacks.
It was between 1992 and 1998 that Lee opened his first store that was called Pasar Mini 99 and added eight more outlets in Klang.
All eight of the stores were rebranded as part of an intensive expansion plan from 2000 to 2003.
They were acquired and rebranded to what the store is called today - 99 Speed Mart. Its first head office and distribution center, located in Jalan Kapar, Klang was completed in October 2022.
Today, Lee owns more than 2,600 outlets nationwide and is eyeing a total of 3,000 operating outlets by 2025.
Although it does not have plans to tap into regional markets yet, 99 Speed Mart Retail's alternate director Albert Lee told a press conference that it holds a positive view should the opportunity arise.
Besides retail stores, the company launched a bulk sales online platform last year, 99 Bulksales, which offers both its retail and enterprise customers the option to purchase in bulk.
With the listing, Lee hopes the company will meet its target to grow the company while also focusing on improving the operations of its bulk sales segment.