Big Caring IPO Malaysia November 2026: Price, Data and Analysis

Big Caring Group, owner of BIG Pharmacy and CARiNG, lists on the Main Market on 19 November 2026 at RM1.08 a share. That values it at RM8.0 billion, or 41.5 times FY2026 earnings. Applications close 5 November. Live timeline: Big Caring IPO page and the IPO calendar.

Big Caring IPO price, size and dates

Who gets the shares, who gets the money

• 19 cornerstones took 96.2% of the open institutional book, among them Aberdeen, AHAM Asset Management and the World Bank's IFC.
• Sellers collect twice what the company raises: Creador and the founders' vehicle Uptown Paradise share about RM1.33 billion.

Where the money goes

• Debt of RM1.7 billion at 31 August 2026, built from the Caring Pharmacy (RM888.3m), Medispec (RM249.4m) and Your Physio (RM32.8m) deals.
• Gearing falls from 2.8 times to below 1 after the RM570.7 million repayment, per management.
• RM26.3 million a year of interest saved at a 4.6% borrowing cost, about 11% of FY2026 profit after tax.

The store network

• 668 outlets and a 24.2% market share at 30 September 2026, the largest pharmacy chain in Malaysia by revenue and licensed pharmacies.
• Same-store sales grew 9.6% in FY2025, up from 7.3%; management guides 7% to 9%.
• 40 to 50 new outlets a year for three to five years, about RM18 million of capex a year, RM450,000 to RM650,000 of working capital each.

Net profit record

• FY2026: revenue RM4.02 billion, profit after tax RM231.8 million, of which RM191.6 million is attributable to owners, or 2.60 sen a share.
• Gross margin widened from 20.9% to 30.1% between FY2023 and FY2026. The net margin on the attributable line is 4.8%.
• Dividend policy: up to 50% of attributable profit. At the full 50% on FY2026 that is 1.30 sen, a 1.2% yield at RM1.08.

Expansion by acquisition

The IPO repays the loans behind these deals; it does not fund new ones. Managing director Lee Meng Chuan: any acquisition must have a clear rationale, "where one plus one is greater than three".

Shareholders

• Lee Meng Chuan and Lim Sin Yin, both pharmacists, opened the first BIG Pharmacy in Damansara Uptown in 2006. They also hold 8.0% and 4.0% directly before the IPO.
• Tan Sri Dr Noor Hisham Abdullah, the former director-general of health, chairs the board.

Valuation against MR DIY, 99 Speed Mart, Farm Fresh and Oriental Kopi

Peers: Yahoo Finance, 30 October 2026 close, trailing twelve months. Farm Fresh is a dairy producer, included as the other large consumer IPO of recent years.

• 41.5 times earnings for a 4.8% net margin. 99 Speed Mart trades at 38.3 times on a 5.5% margin and three times the revenue; MR DIY at 17.0 times with a 12.2% margin and a 5.8% yield.
• The case for the premium is growth: 53.6% a year in revenue, 40 to 50 new outlets a year, and the interest saving. No broker fair value had been published when this note was written; Rates.my issues none.

How the last four big consumer IPOs traded

Closes from Yahoo Finance daily data. MR DIY paid a three-for-two bonus in June 2022, so its IPO price is RM1.07 on today's share count. Oversubscription for the public portion, as reported by The Star, FMT and NST.

What to watch

• 5 Nov 2026Applications close at 5pm.
• 10 Nov 2026Balloting. The oversubscription rate is the first number to read.
• 19 Nov 2026Main Market debut, code 5358. Reference price RM1.08.
• By 30 Nov 2026First quarterly report as a listed company, for the September quarter.

Sources & further reading

• The Edge, 29 Oct 2026: Big Caring sets Main Market IPO at RM1.08 apiece
• The Star, 29 Oct 2026: Big Caring plans to raise RM637.8mil
• The Star, 30 Oct 2026: gearing, interest saving and dividend policy
• The Edge, 15 Oct 2026: underwriting and offer structure
• The Star, 3 Apr 2026: draft prospectus
• KC Lau: Big Caring Group IPO, 12 things to know
• Bernama via The Borneo Post, 29 Oct 2026
• Rates.my: Big Caring Group IPO page
• Rates.my: Malaysia IPO calendar 2026