KUALA LUMPUR: TPG Inc-backed Asia OneHealthcare Sdn Bhd has confidentially filed for an initial public offering (IPO) in Kuala Lumpur to potentially raise as much as RM10bil, according to people with knowledge of the matter.
The healthcare provider submitted a draft registration to the Securities Commission last week, the people said, asking not to be identified because the information isn’t public. An IPO of that size would be Malaysia’s biggest since FGV Holdings Bhd
’s RM10.4bil offering in 2012.
While the confidential IPO filing for the Malaysian business has been done, deliberations are ongoing and a deal isn’t guaranteed, the people said. Some other hospital operators and private equity firms are also still showing interest in potentially buying Asia OneHealthcare’s Malaysia assets, they added.
Asia OneHealthcare operates a handful of medical facilities in Indonesia and Vietnam as well, its website shows.
A representative for TPG declined to comment, while Asia OneHealthcare didn’t immediately respond to a request for comment.
Dow Jones reported earlier yesterday that TPG had submitted a confidential application to list Malaysian hospital assets operated by Asia OneHealthcare.
TPG has for months been considering options for Asia OneHealthcare, including an IPO or sale. Bloomberg News reported in April that the company was working with Malayan Banking Bhd and UBS Group AG as advisers.
Proceeds from first-time share sales in Malaysia have reached US$1.5bil this year, with more than half of that total coming from Sunway Healthcare Holdings Bhd’s listing, data compiled by Bloomberg show.
TPG and Hong Leong Group agreed to buy Asia OneHealthcare, previously known as Columbia Asia Healthcare, in 2019. The company adopted its present name in 2024 after consolidating its assets and buying a joint venture between Sime Darby Bhd and Australian private hospital operator Ramsay Health Care Ltd.
Other stakeholders include Abu Dhabi Investment Authority and the Employees Provident Fund. — Bloomberg
