Asia Digest: Malaysia's Eco-Shop Marketing eyes IPO; IHH invests in Singapore's Intellect

Asia Digest: Malaysia's Eco-Shop Marketing eyes IPO; IHH invests in Singapore's Intellect

Petronas Twin Towers in Kuala Lumpur, Malaysia. Photo by Elliot Andrews on Unsplash

Creador Capital-backed budget retail chain Eco-Shop Marketing is likely to list in Malaysia, while Singapore-based mental platform Intellect has secured an investment from IHH Healthcare.

Eco-Shop Marketing mulls $179m IPO

Malaysia-based budget retail chain Eco-Shop Marketing is reportedly considering an initial public offering (IPO) on the Kuala Lumpur stock exchange, with a potential to raise up to MYR800m ($179 million).

Its backer, private equity firm Creador Capital Group, is said to be working with financial advisers on the proposed share sale, according to a Bloomberg report.

The listing could take place as early as September, although the details such as the size and timing of the IPO remain subject to change, according to Bloomberg’s sources.

If the IPO proceeds, it will be the third first-time share sale by a Creador portfolio company since 2020, when the buyout firm listed home improvement chain Mr DIY Group (M) Bhd in Kuala Lumpur. In 2021, CTOS Digital, another Creador portfolio company, raised about MYR1.2 billion in an IPO.

Eco-Shop Marketing specialises in creating environmentally friendly products and promoting sustainable living. The company operates a chain of retail stores across Malaysia that sell eco-friendly products such as reusable bags, bottles, containers, and household items.

IHH, Intellect ink strategic partnership

Asia’s largest private healthcare group, IHH Healthcare, has invested in Intellect, a Singapore-based mental health platform, as part of a strategic partnership, according to reports.

The amount of IHH’s investment was not disclosed. As part of the deal, IHH Healthcare and Intellect will work together to develop and customise digital mental health programmes for patients, corporate clients, and staff.

The investment follows Intellect’s Series A extension funding in July last year, which raised an additional $10 million from Tiger Global, Insignia Ventures Partners, and HOF Capital.

Founded in 2019, Intellect serves over 3 million people across more than 60 countries, including Malaysia, Singapore, India, and Hong Kong. Its therapists and coaches are based in 20 countries. Intellect counts global companies such as Merck, Philips, foodpanda, Singtel, Shopee, and Omnicom Media Group as its partners.

Edited by: Joymitra Rai

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content