TPG Capital weighing potential IPO for its Asian pathology business

Kuala Lumpur

PRIVATE equity company TPG Capital Asia is considering a plan for an initial public offering of its pathology business in the region, said people with knowledge of the matter.

The buyout firm has asked banks to submit proposals for the potential listing of Pathology Asia Holdings, said the sources, who asked not to be named as the process is private. TPG is still weighing a listing venue for the business, and Singapore is among the options, they said.

TPG has expanded the business since it initially bought 39 pathology laboratories from Healthscope in 2018 for A$279 million (S$287.6 million), one source said. The operations are worth about US$2 billion (S$2.67 million) the person said.

Deliberations are ongoing and there is no certainty that TPG will proceed with a listing.

A TPG representative declined to comment.

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TPG Capital Asia currently manages approximately US$9.3 billion in assets, said its website. The arm of global buyout firm TPG has offices in Beijing, Hong Kong, Melbourne, Mumbai and Singapore.

Pathology Asia Holdings, originally formed out of the Healthscope purchase, includes the Quest Laboratories brand in Singapore and Vietnam, and Gribbles Pathology in Malaysia.

It announced the acquisition of Singapore's Innovative Diagnostics in 2018, and bought a minority stake in Australian drug testing company Safe Work Laboratories the following year. BLOOMBERG