Sunway Healthcare gauges interest for Malaysia IPO in January: sources
The healthcare arm of conglomerate Sunway Bhd plans to list in Kuala Lumpur as early as March
[KUALA LUMPUR] Malaysia’s Sunway Healthcare will start gauging investor interest as soon as January for an initial public offering that may raise around US$700 million, according to people familiar with the matter.
The healthcare arm of conglomerate Sunway plans to list in Kuala Lumpur as early as March, the people said, asking not to be named as the discussions are private. Deliberations are ongoing, and the size and timing of the deal may change, they said.
A representative for Sunway did not immediately respond to a request seeking comment.
Sunway Healthcare’s fundraising could make it one of the biggest listings in Malaysia in recent years and provide a boost to the country’s IPO market, where proceeds from first-time share sales have fallen 14 per cent to US$1.4 billion this year.
The deal will offer as many as 1.97 billion shares, including the sale of 1.4 billion existing shares. The company said it would use the proceeds for capital expenditure related to expansion of existing hospitals, construction of a new hospital and the redemption of Islamic medium-term notes.
Sunway Healthcare has more than 700 consultant specialists, 3,200 nursing staff and 1,100 other health-care professionals, its filing showed in September. The firm plans to have a combined capacity of more than 3,000 beds in its network of hospitals by 2030, according to its website.
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The company’s profit jumped 42 per cent to RM257.5 million (S$81.4 million) in 2024, while it reported a revenue of RM1.9 billion.
Malayan Banking, AmInvestment Bank, UBS Group, HSBC Holdings and Jefferies Financial Group are among the banks arranging Sunway Healthcare’s IPO. BLOOMBERG
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