Big Caring Group Bhd., the largest pharmacy chain in Malaysia, is looking to raise as much as RM3bil in its initial public offering, potentially one of the country’s biggest listings in the past decade, according to people familiar with the matter. 

The chain, which is backed by private equity firm Creador Sdn., aims to carry out the IPO by October this year, the people said, asking not to be identified because the information is private. 

About RM5.6bil has been raised in Malaysian IPOs this year, led by Sunway Healthcare Holdings Bhd., which fetched RM3.3bil in March after exercising its over-allotment option. Big Caring is offering up to 25.5% of its enlarged share capital and intends to use some proceeds to pay down debt. 

Deliberations are ongoing and details such as the IPO size and timing may change, the people said. Big Caring didn’t respond to requests for comment.

Big Caring owns several brands including Big Pharmacy and Caring Pharmacy and has 626 outlets in Malaysia, its IPO prospectus shows. The company says it plans to open about 40 to 50 new retail locations annually over the next three to five years. 

Creador, which invested in 2015 and owns about 34% of the company, is offering up to 14.8% of its shares in the IPO. Big Caring was founded by Lee Meng Chuan and Lim Sin Yin, who also have significant stakes. - Bloomberg