Malaysian convenience-store chain KK Super Mart is reportedly planning an initial public offering of up to US$750 million in the second half of the year, according to The Wall Street Journal.

The offering is expected to represent more than 25 percent of the company’s valuation. 

Chairman KK Chai holds a 95 percent stake in the business, with the remaining 5 percent owned by his wife and fellow director, Loh Siew Mui.

KK Super Mart, also known as KK Mart, operates more than 900 outlets across Malaysia, India, and Nepal.

The reported IPO comes amid renewed momentum in Malaysia’s equity markets.  Kuala Lumpur Composite Index is trading at its highest levels since 2018, while the country recorded 60 listings last year, the most in more than two decades.

KK Super Mart is Malaysia’s second-largest minimarket chain. A listing would place it alongside publicly listed rivals such as 99 Speedmart, which operates more than 3000 stores, and Eco-Shop Marketing, which has more than 400 outlets.

• Further Reading: Malaysia’s 99 Speedmart launches in Singapore