KUALA LUMPUR, May 29 -- Malaysia's largest pharmacy chain is preparing to test investor appetite with what could become one of the country's biggest initial public offerings in a decade.

According to Bloomberg, Big Caring Group Bhd, the operator behind Big Pharmacy and Caring Pharmacy brands, is looking to raise as much as RM3 billion from its Kuala Lumpur listing, according to people familiar with the matter.

The IPO is targeted for October this year, said the sources, who asked not to be identified as the information remains private.

The group, backed by regional private equity firm Creador Sdn Bhd, plans to offer up to 25.5 per cent of its enlarged share capital. Part of the proceeds will be used to pay down debt, Bloomberg reported...