The operator of BIG Pharmacy and CARiNG Pharmacy is preparing for a major Malaysian listing as store expansion, acquisitions and distribution investment drive its next growth phase.
Big Caring Group Bhd, the operator of BIG Pharmacy and CARiNG Pharmacy, has moved closer to its planned initial public offering (IPO) after signing a retail underwriting agreement with three Malaysian investment banks, marking a key step towards its proposed listing on Bursa Malaysia’s Main Market.
The group signed the agreement with Maybank Investment Bank, RHB Investment Bank and AmInvestment Bank on October 14. The proposed IPO will involve up to 1.9 billion shares, representing 25.5% of its enlarged share capital. This comprises 590.5 million new shares and an offer for sale of approximately 1.3 billion existing shares.
The listing is expected to provide resources for further retail expansion, stronger distribution infrastructure and the development of its integrated pharmacy services. Reports have indicated that the offering could raise up to RM3 billion, although the final pricing and proceeds will depend on the offering.
Big Caring operates 668 retail outlets across Malaysia under six brands: BIG Pharmacy, CARiNG Pharmacy, Georgetown Pharmacy, Wellings Pharmacy, Ting Pharmacy and iCare Pharmacy. The group added 58 outlets in the financial year ended June 30, 2026, followed by another 12 outlets by September 30, demonstrating its continued expansion through new openings and acquisitions.
Group Managing Director and Chief Executive Officer Lee Meng Chuan said the listing would support the company’s next phase of growth. “From a single pharmacy outlet, we have grown into a nationwide network of more than 600 outlets through organic expansion and strategic acquisitions, underpinned by the dedication of our team and enduring trust of our customers,” Lee said.
The company plans to expand its retail footprint, strengthen its omnichannel capabilities, enhance distribution infrastructure and broaden its pharmacy services. The IPO prospectus also outlines the use of proceeds for purposes including debt repayment and the establishment of a new distribution centre.
Big Caring’s financial performance has grown alongside its store network. Revenue increased from RM1.1 billion in the financial year ended June 2023 to RM4 billion in FY2026, representing a compound annual growth rate of 53.6%. Profit after tax rose from RM41.2 million to RM231.8 million over the same period.
The development also offers a relevant perspective for the franchise industry. Pharmacy retail chains can expand through company-operated outlets, acquisitions, partnerships and franchise arrangements, depending on their business model and local regulations. Big Caring’s growth highlights how brand consolidation, purchasing scale and centralised distribution can support a large multi-outlet network.
Founded by pharmacists Lee Meng Chuan and Lim Sin Yin, Big Caring has grown from a single pharmacy opened in 2006 into one of Malaysia’s largest integrated pharmacy groups. Private equity firm Creador has backed the business, which combines retail pharmacy operations with e-commerce, corporate sales, distribution and other healthcare-related services.
