Malaysia's largest pharmacy chain Big Caring Group is targeting an initial public offering of up to RM3 billion (€633 million), potentially one of the country's biggest listings in the past decade, with the IPO aimed for completion by October 2026, according to The Star.

The chain, backed by private equity firm Creador Sdn., is offering up to 25.5% of its enlarged share capital, with proceeds intended in part to pay down existing debt. Creador, which invested in Big Caring in 2015 and holds approximately 34% of the company, is offering up to 14.8% of its shares as part of the listing.

Big Caring owns several retail pharmacy brands including Big Pharmacy and Caring Pharmacy, operating 626 outlets across Malaysia. The company plans to open approximately 40 to 50 new retail locations annually over the next three to five years as it pursues continued domestic expansion.

The proposed listing would be among the most significant in the Malaysian pharmaceutical retail sector, adding to approximately RM5.6 billion raised in Malaysian IPOs so far this year, led by Sunway Healthcare Holdings, which raised RM3.3 billion in March following the exercise of its over-allotment option.

Big Caring was founded by Lee Meng Chuan and Lim Sin Yin, both of whom retain significant stakes in the company. Deliberations on the IPO are ongoing and details including size and timing remain subject to change.

The planned listing reflects growing investor appetite for healthcare and pharmaceutical retail assets across Southeast Asia, where rising chronic disease prevalence and expanding middle-class consumer spending are driving sustained demand for community pharmacy services.

Access the full coverage for further detail on Big Caring Group's IPO plans and retail expansion strategy.