Malaysian hospital operator Asia OneHealthcare has filed a draft prospectus for an initial public offering (IPO) of up to 4.38 billion shares, paving the way for a planned listing on Bursa Malaysia, according to the Securities Commission Malaysia's website as reported by Reuters. The draft prospectus did not disclose the offer price, total deal size or expected listing date. The IPO comprises the sale of up to 3.86 billion existing shares by HLT Healthcare Holdings Singapore (HSG), through which US-based private equity firm TPG controls Asia OneHealthcare, and the issuance of 521.1 million new shares by the hospital operator.
Asia OneHealthcare plans to offer up to 3.77 billion shares to Malaysian and foreign institutional investors, while a further 615.5 million shares will be offered to its managing director, employees, contributors to the group and the Malaysian public. HSG would retain a 73.9% stake in the company after the IPO if an over-allotment option is not exercised. The offering consists of an institutional offering of 3.77 billion shares (22.4% of enlarged issued share capital) and a retail offering of 615.49 million shares (3.7% of enlarged issued share capital). The institutional offering comprises 3.32 billion existing shares and 445.38 million new shares, while the retail offering includes 539.77 million existing shares and 75.71 million new shares.
Asia OneHealthcare operates 23 hospitals, including 22 in Malaysia and one in Vietnam, with a total licensed bed capacity of 2,632 and built bed capacity of 3,057. The company reported a net profit of ₹344.37 million for the financial year ended March 2026, compared with a net loss of ₹85.85 million a year earlier. Revenue increased 13.4% year-on-year to ₹3.29 billion. The hospitals include Subang Jaya Medical Centre, specialist facilities such as ALTY Orthopaedic Hospital, Beacon Hospital, and Columbia Asia network hospitals, along with recovery and rehabilitation facilities. The company was incorporated in March 1994 and converted into a public company on September 22, 2026.
Proceeds from the public issue will be used to finance selected projects under Asia OneHealthcare's brownfield expansion plan at existing hospitals, including those in Seremban and Iskandar Puteri, as well as Tebrau, where a potential new medical campus is being considered. These projects are expected to be undertaken within 36 months from the date of listing. The company also plans to use part of the proceeds to partially repay RM300 million in revolving credit facilities obtained from RHB Bank Bhd, CIMB Bank Bhd and AmBank Bhd to facilitate its pre-IPO distribution. The facilities carry an interest rate of the Kuala Lumpur Interbank Offered Rate (Klibor) plus 0.5% per annum, with no fixed maturity date and an availability period of one year from the initial utilisation date.
According to Reuters reports from April, TPG had hired Maybank and UBS to explore strategic options for Asia OneHealthcare, including a domestic listing that could value the company at around 30 billion ringgit ($7.4 billion). The filing represents a significant step toward the company's public market debut on Bursa Malaysia, with the proceeds specifically earmarked for hospital expansion and operational improvements across its network. Asia OneHealthcare is backed by Malaysian tycoon Tan Sri Quek Leng Chan's Hong Leong Group and US private equity firm TPG through HLT Healthcare Holdings Singapore Ltd. The company targets a dividend payout ratio of up to 30% of consolidated profit after tax for each financial year, subject to working capital and maintenance capital expenditure requirements.
