Malaysian convenience store chain KK Mart Retail Bhd has officially filed for a Main Market listing, marking a major step forward in its long-delayed IPO plans. According to filings, the company is planning to offer 210 million new shares, and 630 million existing shares, totaling up to 840 million shares, showing an aggressive move to raise capital and expand its footprint.
IPO finally back on track after backlash in 2024
The listing push follows a turbulent period for the company, where initial IPO filings were postponed due to a 2024 controversy involving socks bearing the word “Allah” that sparked public outrage.
The matter resulted in litigation and fines for the company, setting back its plans and reputation. With those issues now largely resolved, the company appears ready to move forward and rebuild investor confidence.
Expansions on the line, stats at a glance
Based on reports, these are the current statistics:
- FY2025 revenue: RM1.57 billion (↑ 7.7% YoY)
- FY2025 net profit: RM96.98 million (↓ 4.5% YoY)
Trend (FY2023 → FY2025)
- Revenue: RM1.25B → RM1.45B → RM1.57B (steady growth)
- Net profit: RM98.71M → RM101.6M → RM96.98M (slight dip in latest year)
Margins
- Profit-after-tax margin: 7.9% → 7.0% → 6.2% (declining)
- Gross profit margin: 27.8% → 28.1% → 28.8% (improving)
Market expectations suggest the IPO could value KK Mart at around RM3 billion, placing it among Malaysia’s notable retail players.
Following the listing, the shareholding of Datuk Seri Dr Chan Kee Kan and his wife Datin Seri Loh Siew Mui who sold their shares through K8 Resources Bhd, will decrease from 95.05% to 71.85%.
The company runs a total of 996 outlets in Malaysia and abroad, making it one of the country’s largest convenience store chains and a direct competitor to other listed minimarket operators.
The company plans to use the proceeds from its IPO to expand its store network, opening 302 new stores in the next 15 months, bringing its total number stores to 1,290.
IPO funds also will be used for expanding the company’s business, such as launching new outlets and enhancing operations.
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