IPO Boom Turns Malaysia Convenience Chain Owner Into Billionaire

Lee Thiam Wah’s first retail venture was selling snacks from a roadside stall in Malaysia. Several decades later, the entrepreneur has transformed that humble beginning into a sprawling retail empire of more than 2,600 convenience stores across the nation.

Today, the 60-year-old was minted as a billionaire after his company 99 Speed Mart Retail Holdings Bhd went public in Kuala Lumpur.

The $531 million initial public offering is Malaysia’s largest in seven years. At the IPO price of 1.65 ringgit ($0.38) per share, Lee’s fortune is about $3.3 billion, according to the Bloomberg Billionaires Index. The stock rose ...