Asia OneHealthcare files draft prospectus for Malaysia IPO

By Yantoultra Ngui

HONG KONG, Oct 29 (Reuters) - 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.

• Reuters reported in April that US-based private equity firm TPG TPG.O had hired Maybank and UBS to explore options for Asia OneHealthcare, including a domestic listing that could value the company at about 30 billion ringgit ($7.4 billion)

• The draft prospectus did not disclose the offer price, deal size or a listing date

• The offering involves the sale of up to 3.86 billion existing shares by HLT Healthcare Holdings Singapore (HSG), through which TPG controls the hospital operator, and the issue of 521.1 million new shares by Asia OneHealthcare, the draft prospectus showed

• The company plans to offer up to 3.77 billion shares to Malaysian and foreign institutional investors. It will offer 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 an over-allotment option is not used. The option allows for the sale of up to 657.1 million additional existing shares, according to the draft prospectus

• Asia OneHealthcare will use proceeds from the new shares to expand its hospitals, facility and equipment maintenance, partial debt repayment and IPO expenses, the draft prospectus said

• The company operates 23 hospitals, including 22 in Malaysia and one in Vietnam, according to the draft prospectus

• Asia OneHealthcare made a net profit of 344.4 million ringgit in the year ended March 2026, compared with 85.8 million ringgit net loss a year earlier. Revenue rose 13.6% on-year to 3.29 billion ringgit.

($1 = 4.0740 ringgit)