Asia OneHealthcare Plans RM7 Billion Malaysia IPO at RM30 Billion Valuation

Asia OneHealthcare plans to raise up to RM7.5 billion in a Kuala Lumpur initial public offering in the first quarter of 2027.

The listing would value the hospital operator at roughly RM30 billion. That valuation would make it one of Southeast Asia’s largest healthcare floats.

Malaysian billionaire Quek Leng Chan’s Hong Leong Group and US private equity firm TPG back the company. It aims to raise between RM7 billion and RM7.5 billion (US$1.7 billion to US$1.9 billion), with offering documentation due in November.

Valuation and Asset Footprint

Formerly known as Columbia Asia Healthcare, the group runs 23 private hospitals across Malaysia and Vietnam. The business serves mid-to-upper income urban households seeking shorter wait times and specialist care outside state systems.

Private hospital valuations across Southeast Asia trade at high multiples because patient demand holds up across economic cycles. Rising incomes and an ageing middle class in both core markets secure bed occupancy and strong pricing power.

Private Equity Exit Pipeline

For TPG and Hong Leong, the deal offers a clean exit path after years of buying regional healthcare assets. Hospital networks provide predictable revenues. Institutional investors understand the cash flows without complex forecasting models.

The float’s size will test liquidity on Bursa Malaysia, where multi-billion-dollar listings remain rare. A clean debut at the targeted RM30 billion valuation would set a high bar for rival hospital operators weighing listings in Singapore or Jakarta.

The Rebranding Step

This share sale follows the group’s restructuring and transition from Columbia Asia to Asia OneHealthcare. That revamp combined its regional clinical operations, digital patient records, and procurement networks under one umbrella across Malaysia and Vietnam.

Advisers will distribute formal offering documents in November, leading into institutional bookbuilding and final pricing ahead of the early 2027 market debut.