TPG’s Asia OneHealthcare said to confidentially file for US$2.5 billion IPO

An IPO of that size would be Malaysia’s biggest since 2012

Published Thu, Sep 3, 2026 · 03:18 PM

TPG-backed Asia OneHealthcare submitted a draft registration to the Securities Commission Malaysia last week, according to sources. PHOTO: ST

(Bloomberg) – TPG-backed Asia OneHealthcare has confidentially filed for an initial public offering in Kuala Lumpur to potentially raise as much as RM10 billion (US$2.5 billion), according to people with knowledge of the matter.

The healthcare provider submitted a draft registration to the Securities Commission Malaysia last week, the people said, asking not to be identified because the information isn’t public. An IPO of that size would be Malaysia’s biggest since FGV Holdings’ RM10.4 billion offering in 2012.

While the confidential IPO filing for the Malaysian business has been done, deliberations are ongoing and a deal isn’t guaranteed, the people said.

Some other hospital operators and private equity firms are also still showing interest in potentially buying Asia OneHealthcare’s Malaysia assets, they added. Asia OneHealthcare operates a handful of medical facilities in Indonesia and Vietnam as well, its website shows.

Representatives for TPG and Asia OneHealthcare declined to comment.

Dow Jones reported earlier on Wednesday that TPG had submitted a confidential application to list Malaysian hospital assets operated by Asia OneHealthcare.

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TPG has for months been considering options for the healthcare services provider, including an IPO or sale. Bloomberg News reported in April that the firm was working with Malayan Banking and UBS Group as advisers.

Proceeds from first-time share sales in Malaysia have reached US$1.5 billion this year, with more than half of that total coming from Sunway Healthcare Holdings' listing, data compiled by Bloomberg show.

TPG and Hong Leong Group agreed to buy Asia OneHealthcare, previously known as Columbia Asia Healthcare, in 2019. The company adopted its present name in 2024 after consolidating its assets and buying a joint venture between Sime Darby and Australian private hospital operator Ramsay Health Care.