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 Private Equity Wire, citing a Bloomberg report.
Confidential filing submitted to Malaysia’s Securities Commission
Bloomberg cited unnamed people familiar with the matter as saying Asia OneHealthcare submitted a draft registration statement to Malaysia’s Securities Commission last week, according to Private Equity Wire.
The report said the filing remains preliminary and discussions are ongoing, meaning a transaction is not guaranteed.
Potential size and IPO ranking reference point
The report said the IPO could raise as much as MYR10bn ($2.5bn).
If completed at that size, the listing would rank as Malaysia’s largest IPO since FGV Holdings raised MYR10.4bn in 2012, according to Private Equity Wire.
Strategic review and other interest in 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.
The report also said other healthcare operators and private equity firms are understood to be considering potential acquisitions of Asia OneHealthcare’s Malaysian assets.
TPG has been working with Malayan Banking and UBS as advisers on the process.
Company footprint in Southeast Asia
Asia OneHealthcare was formerly known as Columbia Asia Healthcare.
Asia OneHealthcare operates medical facilities in Malaysia as well as a number of healthcare assets in Indonesia and Vietnam.
