99 Speed Mart Debuts on Southeast Asia 500 After $532 Million IPO

99 Speed Mart, a leading convenience store chain in Malaysia, has made its debut on the Southeast Asia 500, marking a significant milestone for the company and its founder, Lee Thiam Wah. The company's inclusion on the list follows its 2024 IPO, which was the largest in Malaysia in seven years. With $2.2 billion in revenue, 99 Speed Mart secured the 158th position on Fortune’s ranking of the largest Southeast Asian companies by revenue. The chain currently operates 2,833 outlets and 20 distribution centers across the country, with plans to expand to 3,000 outlets by the end of the year.

The story of 99 Speed Mart is as much about its founder, Lee Thiam Wah, as it is about the growth of the convenience store chain. Lee contracted polio at a young age, which resulted in the loss of use of his legs, leaving him wheelchair-bound for much of his life. Despite his physical limitations, Lee's determination and hard work have been the driving forces behind his success. He started his retail career by selling snacks from a roadside stall and later opened his first mini market in 1987. By 1992, he established Ninety Nine Market, and by 1998, he had a network of 8 mini markets. Two years later, he founded 99 Speed Mart, which has since become the largest mini-market player in Malaysia.

99 Speed Mart holds a 40% market share against global competitors like 7-Eleven and an 11% share of the grocery market. The company raised $532 million in an IPO last September, making Lee a billionaire and one of Malaysia’s richest men. The IPO proceeds are planned to be used for the company's global expansion. In an interview, Lee expressed his interest in exploring "good opportunities" overseas, although no concrete plans have been announced yet. The company had briefly operated an outlet in Singapore before withdrawing due to the COVID pandemic.

In addition to his role as the CEO of 99 Speed Mart, Lee also holds franchising rights for Burger King in Malaysia and Singapore and is the third-largest shareholder of Alliance Bank Malaysia. The company's success and Lee's inspiring journey serve as a testament to the power of determination and hard work, making 99 Speed Mart's debut on the Southeast Asia 500 a well-deserved achievement.