Big Caring Group Bhd, Malaysia’s largest pharmacy chain operator and backed by private equity firm Creador, has filed for an initial public offering (IPO) on the Main Market of Bursa Malaysia.
According to its draft prospectus posted on the Securities Commission website on Thursday, the group plans to use IPO proceeds to cut debt from recent acquisitions and to finance a new automated distribution centre.
The company operates the BIG Pharmacy and CARiNG Pharmacy chains and is led by husband-and-wife founders Lee Meng Chuan (group managing director and CEO) and Lim Sin Yin (executive director). Both are trained pharmacists who opened their first store in Damansara Uptown in 2006. Since then, the group has grown rapidly through organic expansion and strategic acquisitions, including the mergers with RedCap Pharmacy (2018), My Pharmacy (2019), and the acquisition of CARiNG Pharmacy from 7-Eleven Malaysia (2023).
Tackling a RM1.3 Billion Debt
As of 31 January 2026, Big Caring Group’s borrowings stood at RM1.3 billion, with an average interest cost of 5.2% per annum (as of 30 June 2025). The majority of this debt is a RM831.3 million term loan, used primarily for the RM888.33 million acquisition of Caring Pharmacy Group and the RM249.4 million purchase of an 89.3% stake in Medispec (M) Sdn Bhd, a pharmaceutical distributor. The company also invested RM32.8 million for a 57.1% stake in physiotherapy chain Your Physio Sdn Bhd.
The IPO proceeds are expected to reduce revolving credit and term loan facilities, generate interest savings, and strengthen the company’s balance sheet for future growth.
Expansion Plans
Big Caring Group currently operates 626 outlets across several brands, including BIG Pharmacy, CARiNG Pharmacy, Georgetown Pharmacy, Wellings, and Ting Pharmacy. It aims to open 40–50 new outlets annually over the next three to five years.
A new automated distribution centre will support this growth, replacing the existing Bukit Raja facility, which is currently running at 61% capacity and is projected to reach full capacity within five years. The new facility will feature advanced automation for inbound handling and pallet storage.
IPO Structure and Shareholding
The IPO will include an institutional offering of 1.614 billion shares and a retail offering of 267.64 million shares, with pricing to be announced later. Up to 25.5% of the enlarged share base will be offered, including 17.5% from selling shareholders.
Creador, via its special purpose vehicle Iris Pallida Sdn Bhd (IPSB), will reduce its stake from 33.7% to 19.4%, while the founders’ indirect stake will fall from 42.9% to 34.4%. Their direct holdings will also be slightly diluted.
Financial Performance
For the financial year ended 30 June 2025, Big Caring Group posted a net profit of RM143.02 million on revenue of RM3.41 billion, with same-store sales growth of 9.6%, up from 7.3% in FY2024.
The IPO is being managed by Maybank Investment Bank and RHB Investment Bank as joint principal advisers, joint global coordinators, and joint bookrunners. AmInvestment Bank and UBS are also involved as co-managers and underwriters.
