While 99 Speedmart's IPO set records as the largest in seven years, the undersubscription of the Bumiputera allocation by 46% highlights significant concerns over its non-Shariah compliant status.

Lee Thiam Wah, the founder of 99 Speedmart, is now one of the country’s top 10 richest individuals. The owner of Malaysia’s largest mini-mart chain has a net worth of RM17.6 billion, earning ...