Key Takeaways
- • Asia OneHealthcare filed a draft prospectus with the Securities Commission Malaysia for an IPO of up to 4.38 billion shares and a planned listing on Bursa Malaysia, according to the regulator's website.
- • The offering comprises up to 3.86 billion existing shares sold by HLT Healthcare Holdings Singapore (HSG), through which TPG controls the hospital operator, plus 521.1 million new shares issued by the company.
- • Proceeds from the new shares will fund hospital expansion, facility and equipment maintenance, partial debt repayment and IPO expenses.
- • HSG would retain a 73.9% stake after the IPO if the over-allotment option (up to 657.1 million additional existing shares) is not exercised.
- • Asia OneHealthcare reported a net profit of 344.4 million ringgit for the year ended March 2026, versus an 85.8 million ringgit net loss a year earlier, with revenue up 13.6% to 3.29 billion ringgit.
Summary
Malaysian hospital operator Asia OneHealthcare has filed a draft prospectus for an initial public offering of up to 4.38 billion shares and a planned listing on Bursa Malaysia, the Securities Commission Malaysia's website showed on Wednesday, according to Reuters. The draft prospectus did not disclose the offer price, deal size, or listing date.
The offering combines a secondary sale and a primary issuance. HLT Healthcare Holdings Singapore (HSG), the vehicle through which US-based private equity firm TPG controls the company, would sell up to 3.86 billion existing shares, while Asia OneHealthcare would issue 521.1 million new shares. The company plans to offer up to 3.77 billion shares to Malaysian and foreign institutional investors and 615.5 million shares to its managing director, employees, people who contributed to the group, and the Malaysian public. HSG would retain a 73.9% stake after the IPO if the over-allotment option is not used; that option allows the sale of up to 657.1 million additional existing shares.
Proceeds from the new shares will be directed to expanding hospitals, facility and equipment maintenance, partial debt repayment and IPO expenses. The company operates 23 hospitals, 22 in Malaysia and one in Vietnam.
Reuters reported in April that TPG had hired Maybank and UBS to explore options for the company, including a domestic listing that could value it at about 30 billion ringgit ($7.4 billion). The filing does not confirm that valuation.
Financially, Asia OneHealthcare posted a net profit of 344.4 million ringgit in the year ended March 2026, compared with a net loss of 85.8 million ringgit a year earlier. Revenue rose 13.6% year on year to 3.29 billion ringgit.
The offering combines a secondary sale and a primary issuance. HLT Healthcare Holdings Singapore (HSG), the vehicle through which US-based private equity firm TPG controls the company, would sell up to 3.86 billion existing shares, while Asia OneHealthcare would issue 521.1 million new shares. The company plans to offer up to 3.77 billion shares to Malaysian and foreign institutional investors and 615.5 million shares to its managing director, employees, people who contributed to the group, and the Malaysian public. HSG would retain a 73.9% stake after the IPO if the over-allotment option is not used; that option allows the sale of up to 657.1 million additional existing shares.
Proceeds from the new shares will be directed to expanding hospitals, facility and equipment maintenance, partial debt repayment and IPO expenses. The company operates 23 hospitals, 22 in Malaysia and one in Vietnam.
Reuters reported in April that TPG had hired Maybank and UBS to explore options for the company, including a domestic listing that could value it at about 30 billion ringgit ($7.4 billion). The filing does not confirm that valuation.
Financially, Asia OneHealthcare posted a net profit of 344.4 million ringgit in the year ended March 2026, compared with a net loss of 85.8 million ringgit a year earlier. Revenue rose 13.6% year on year to 3.29 billion ringgit.
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