Juniper
Big Caring Group Bhd (“BCG”, and together with its subsidiaries, the “Group” or “BCG Group”), Malaysia’s leading retail pharmacy chain, has launched the prospectus for its initial public offering (“IPO”) in conjunction with its listing on the Main Market of Bursa Malaysia Securities Berhad, which is scheduled for 19 November 2026.
Based on the enlarged 7.4 billion issued ordinary shares and maximum IPO price of RM1.08 per share (“Maximum IPO Price”), the expected market capitalisation of BCG upon listing is approximately RM8.0 billion. BCG’s IPO encompasses an offering of up to 1.9 billion ordinary shares comprising a public issue of 590.5 million new ordinary shares and an offer for sale of 1.3 billion existing ordinary shares, representing 8.0% and 17.5% of its enlarged issued ordinary shares respectively. Based on the Maximum IPO Price, the public issue portion is expected to raise gross proceeds of approximately RM637.8 million.
Of the proceeds raised, 4.7% has been earmarked for the establishment of a new distribution centre within 36 monthsfrom the listing day to expand capacity asthe Group’s existing Bukit Raja distribution centre is operating at a utilisation rate of 80.2% as at 30 September 2026. Another 89.5% will be for the repayment of bank borrowings within 3 months from the listing date, while the remaining 5.8% will be utilised for listing fees and expenses.
BCG targets a dividend payout ratio of up to 50.0% of its net profit attributable to the owners (“PATAMI”), after taking into account, among others, level of cash, gearing, return on equity, projected level of required capital expenditure, restrictive covenants and working capital requirements.
The IPO of BCG has secured support from 19 cornerstone investors who have agreed to subscribe for 665.5 million shares, collectively, or 96.2% of the institutional offering (excluding the Bumiputera offering under the Ministry of Investment, Trade and Industry). These cornerstone investors are abrdn Malaysia Sdn Bhd, abrdn Islamic Malaysia Sdn Bhd, AHAM Asset Management Berhad, AIIMAN Asset Management Sdn Bhd, Amova Asset Management Asia Limited, Eastspring Investments Berhad, FIL Investment Management (Hong Kong) Limited, First Sentier Investors (Hong Kong) Limited, First Sentier
Investors (Singapore), International Finance Corporation, JPMorgan Asset Management (Singapore) Limited, Kenanga Investors Berhad, Kenanga Islamic Investors Berhad, Magna Umbrella Fund PLC, Mawer Emerging Markets Equity Fund, Oaks Emerging Umbrella Fund PLC, Principal Asset Management Berhad, RWC Asset Management LLP and RWC Asset Advisors (US) LLC.
BCG Group Managing Director cum Group Chief Executive Officer Lee Meng Chuan said, “The launch of our prospectus marks an important milestone in Big Caring Group’s growth journey. From a single outlet in 2006, we have grown into Malaysia’s largest pharmacy retailer, with more than 600 retail outlets nationwide, driven by organic expansion and strategic acquisitions. As we embark on our next chapter, we will continue to strengthen our distribution capabilities, improve operational efficiency and optimise our balance sheet and provide a solid foundation for our next phase of growth.
As we continue to expand our pharmacy network and deepen our vertically integrated capabilities, we remain focused on putting care within reach to communities across Malaysia while delivering sustainable long-term value to our customers, employees and shareholders.”
Maybank Group Chief Executive Officer, Global Banking, Dato’ John Chong said, “We are honoured to have supported BCG in reaching this significant milestone. The successful IPO of BCG reflects investor confidence in Malaysia’s largest pharmacy chain by revenue and number of pharmacies, the strength of its diversified product ecosystem, and its unique proposition as the only vertically integrated pharmacy retailer listed on Bursa Malaysia. The IPO broadens offerings for local and international investors alike by adding a Malaysian market leader and household name. For BCG, the listing enables it to pursue strategic expansion and invest in new opportunities arising from health and wellness trends.”
RHB Investment Bank Berhad Managing Director/Chief Executive Officer Kevin Davies said, “This prospectus launch marks an important milestone in Big Caring’s growth journey. From a single pharmacy to Malaysia’s largest pharmacy retailer, the Group has demonstrated its ability to scale and deliver value. Backed by its strong market leadership and commitment to improve healthcare accessibility, Big Caring is well-positioned for its next phase of growth. We are proud to support the Group and look forward to seeing it achieve even greater success as a public-listed company.”
AmInvestment Bank Berhad Chief Executive Officer Christopher Ng said, “We are honoured to be part of BCG’s listing journey and its IPO which mark a significant milestone in the Group’s corporate development. BCG has established a strong foothold in Malaysia’s healthcare retail sector, underpinned by its extensive pharmacy network, established brand portfolio and loyal customer base. Against the backdrop of rising health awareness and growing demand for accessible healthcare products and services, BCG is well-positioned to capitalise on the sector’s long-term growth opportunities. We look forward to continuing our support for the Group and we wish BCG a successful and prosperous debut on its listing day.”
UBS Securities Malaysia Sdn Bhd Managing Director, Head of Global Banking Lee Han Ping said, “Big Caring Group’s proposed IPO marks a defining milestone for a homegrown Malaysian business as it embarks on the next chapter of its growth.”
Application for the public issue portion will be made available starting from today and will close at 5.00 p.m. on 5 November 2026.
Maybank Investment Bank Berhad and RHB Investment Bank Berhad are the joint principal advisers, joint global coordinators, joint bookrunners, joint managing underwriters and joint underwriters for the IPO. AmInvestment Bank Berhad is also a joint principal adviser, joint global coordinator, joint bookrunner and joint underwriter, while UBS Securities Malaysia Sdn Bhd and UBS AG, Singapore Branch are joint global coordinators and joint bookrunners for the IPO.
