Vincent Tan-backed Seven Convenience Bhd. has deferred its USD250 million initial public offering ahead of the New Year lull, Wall Street Journal (WSJ) sources said.

Seven Convenience operates all of the 7-Eleven convenience stores in Malaysia. It is controlled by Malaysian tycoon Vincent Tan. Tan is the country's ninth-wealthiest person with an estimated net worth of USD1.3 billion as of March, according to Forbes.

WSJ said the convenience store chain filed for an IPO with Malaysia's Securities Commission in September. Seven Convenience hoped to list on Bursa Malaysia by December. However, the company is still answering queries from the Malaysian regulator. The IPO has been postponed until March next year, WSJ sources said.

According to the report, Seven Convenience is looking to sell as much as 530.3 million shares, accounting 43% of the company's total equity. 490.8 million shares out of the total offering size will be sold to institutional investors, while the rest will be sold to retail investors. 

Seven Convenience currently owns nearly 1,500 stores in Malaysia, based on a draft prospectus seen by WSJ. Last year, the company generated revenue of around MYR1.58 billion (USD40 million) and net profit of MYR40.5 million, the report stated.

Investment banks CIMB Investment Bank Bhd., CLSA Asia-Pacific Markets, Maybank Investment Bank Bhd. and UBS AG will be handling the IPO, WSJ said in its report.