Malaysian Mini-Market Chain 99 Speed Mart Jumps 16% on Debut

Shares of convenience-store chain 99 Speed Mart Retail Holdings Bhd rallied more than 16% on their first day of trading after what was Malaysia’s biggest initial public offering in seven years.

The stock rose to as high as 1.92 ringgit on Monday. The $531 million IPO was priced at 1.65 ringgit per share, valuing the company at about $3.2 billion.

The debut cements Kuala Lumpur’s position as the busiest location for listings in Southeast Asia this year as Malaysia’s market regained favor among global investors. The company’s shares also offer traders exposure to the nation’s consumer sector, given expectations that ...