Eco-Shop has Malaysia's biggest listing this year

Discount-chain Eco-Shop Marketing Bhd debuted in Malaysia yesterday in a listing that's set to create a billionaire after the nation’s biggest initial public offering of the year.

- RAM ANAND

Eco-Shop, which sells household items at a fixed price of 2.60 ringgit ($0.60), raised 974 million ringgit in an offering that valued the company at about $1.5 billion. That's the most since an IPO by 99 Speed Mart Retail Holdings Bhd in September. Eco-Shop shares jumped as much as 10.6% in early trading.

The timing couldn't have been better for Eco-Shop, according to Chief Executive Officer Jessica Ng. “If you look at the current economic situation, our business model is even more needed. We stretch the ringgit for many, many people,” Ms Ng told Bloomberg.