TPG-backed healthcare provider Asia OneHealthcare has confidentially filed for a potential initial public offering in Malaysia that could raise as much as MYR10bn ($2.5bn), according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the company submitted a draft registration statement to Malaysia’s Securities Commission last week,. If completed at that size, the listing would rank as Malaysia’s largest IPO since FGV Holdings raised MYR10.4bn in 2012.
The filing remains preliminary and discussions are ongoing, meaning a transaction is not guaranteed. Other healthcare operators and private equity firms are also understood to be considering potential acquisitions of Asia OneHealthcare’s Malaysian assets.
The potential IPO forms part of a broader strategic review by TPG, which has been weighing options for the healthcare business for several months, including a public listing or outright sale. TPG has been working with Malayan Banking and UBS as advisers on the process.
Asia OneHealthcare, formerly known as Columbia Asia Healthcare, operates medical facilities in Malaysia as well as a number of healthcare assets in Indonesia and Vietnam.
