Global Market: Malaysia's Asia OneHealthcare files draft prospectus for IPO of up to 4.38 billion shares

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, the prospectus showed.

Reuters reported in April that 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).

Asia OneHealthcare plans to offer up to 3.77 billion shares to Malaysian and foreign institutional investors. 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 option allows for the sale of up to an additional 657.1 million existing shares, according to the draft prospectus.

The company plans to use proceeds from the newly issued shares to fund hospital expansion, maintain facilities and equipment, partially repay debt and cover IPO-related expenses.

Asia OneHealthcare operates 23 hospitals, including 22 in Malaysia and one in Vietnam, the prospectus showed.

The company reported a net profit of 344.4 million ringgit for the financial year ended March 2026, compared with a net loss of 85.8 million ringgit a year earlier. Revenue increased 13.6% year-on-year to 3.29 billion ringgit.