Big Caring Group Bhd (“BCG” or the “Group”), Malaysia’s leading integrated pharmacy chain, today announced the signing of a retail underwriting agreement with Maybank Investment Bank Berhad, RHB Investment Bank Berhad and AmInvestment Bank Berhad in conjunction with its initial public offering (“IPO”) and listing on the Main Market of Bursa Malaysia Securities Berhad.
BCG, through its subsidiaries, is an integrated pharmacy chain principally engaged in the retail sale of pharmaceutical, healthcare, beauty, general merchandise and other related products via its nationwide network of retail outlets, e-commerce platforms and corporate sales channels. Beyond retail, the Group manufactures, imports, markets, distributes and wholesales healthcare, pharmaceutical and nutraceutical products, and provides physiotherapy, teleconsultation and other healthcare-related services.
The Group demonstrated rapid physical growth, adding 58 outlets in the financial year ended 30 June 2026 (“FYE 2026”) and a further 12 outlets up to 30 September 2026. This brings 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. The network expansion underpinned strong financial performance, with revenue growing at a compound annual growth rate of 53.6% from RM1.1 billion in FYE 2023 to RM4.0 billion in FYE 2026. Over the same period, profit after tax rose from RM41.2 million to RM231.8 million.
Kevin Davies, Chief Executive Officer / Managing Director, RHB Investment Bank Berhad
Lim Sin Yin (林欣盈), Executive Director, Big Caring Group Bhd
Lee Meng Chuan (李名全), Group Managing Director cum Group CEO, Big Caring Group Bhd
Tengku Ariff Azhar Tengku Mohamed, Deputy Chief Executive Officer, Maybank Investment Bank Berhad
Jason Lam (林志威), Head of Corporate Finance, AmInvestment Bank Berhad
In conjunction with the listing, BCG’s IPO will comprise the offering of up to 1.9 billion ordinary shares in BCG (“Shares”), equivalent to 25.5% of BCG’s enlarged issued Shares. This consists of a public issue of 590.5 million new Shares (“Issue Shares”), representing 8.0% of the enlarged issued Shares, and an offer for sale of 1.3 billion existing Shares (“Offer Shares”), representing 17.5% of the enlarged issued Shares.
The IPO Shares will be allocated as follows:
a. Institutional offering of up to 1.6 billion shares, representing up to 21.9% of the Group’s enlarged issued Shares, comprising:
i. 922.7 million IPO Shares offered to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”); and
ii. up to 692.0 million IPO Shares offered to Malaysian institutional and selected investors (other than Bumiputera investors approved by MITI) and foreign institutional and selected investors outside the United States in reliance on Regulation S under the United States Securities Act of 1933.
b. Retail offering of 267.6 million shares, representing 3.6% of the Group’s enlarged issued Shares, comprising:
i. 147.6 million Issue Shares reserved for application by the Malaysian public via balloting, allocated equally between Bumiputera and non-Bumiputera applicants; and
ii. 120.0 million Issue Shares reserved for application by directors and eligible employees of the Group, and persons who have contributed to the success of the Group.
BCG Group Managing Director cum Group Chief Executive Officer Lee Meng Chuan (李名全) said, “As a leading integrated pharmacy chain in Malaysia, we are pleased to have reached this pivotal milestone in our 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 the enduring trust of our customers.”
He added, “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. At the same time, we remain committed to disciplined execution and maintaining the service standards that have supported our growth.”
Maybank Investment Bank Berhad Chief Executive Officer Michael Oh-Lau (胡刘忠) said, “BCG Group’s evolution into an integrated pharmacy chain with an extensive nationwide presence reflects a strong growth trajectory. Its track record of organic expansion and strategic acquisitions has established a strong foundation for its next phase of development. The proposed listing represents an important milestone for the Group as it continues to strengthen its presence and pursue opportunities across Malaysia’s healthcare retail sector.”
RHB Investment Bank Berhad Chief Executive Officer / Managing Director Kevin Davies said, “It has been a privilege to support BCG Group on its IPO journey. The Group has made significant strides in building a business that resonates strongly with Malaysia. 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.”
AmInvestment Bank Berhad Chief Executive Officer Christopher Ng (伍国威) said, “We are honoured to work alongside BCG Group as it marks a significant milestone in its IPO journey with today’s 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.”
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 proposed IPO. AmInvestment Bank Berhad 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 coordinator and joint bookrunner.
