Quek Leng Chan, TPG-backed Asia OneHealthcare targets RM7 billion Malaysia IPO in Q1 2027
The hospital group is eyeing a RM30 billion valuation in what could be the country’s biggest healthcare listing
Asia OneHealthcare, a hospital group backed by Malaysian tycoon Quek Leng Chan's Hong Leong Group and US private equity giant TPG, plans to raise around RM7 billion to RM7.5 billion ($1.7 billion to $1.9 billion) in an upcoming Malaysian initial public offering (IPO) in the first quarter of 2027, according to a source familiar with the plans. The company aims to value the hospital operator at approximately RM30 billion ($7 billion) through its IPO documentation, which is expected to be finalized in November 2026.
Hospital IPOs continue to be an appealing exit strategy for private equity firms due to their straightforward appeal to investors. As people become wealthier, populations age, and demand for private healthcare grows, the underlying business model is easy for investors to understand.
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