Asia OneHealthcare Sdn Bhd, a healthcare provider backed by private equity firm TPG Inc, has confidentially filed for an initial public offering (IPO) in Kuala Lumpur, with plans to raise up to RM10 billion (approximately US$2.3 billion), according to sources familiar with the matter. The draft registration was submitted to the Securities Commission last week, although the filing remains confidential and the final decision to proceed with the IPO has not been made.

If completed, the planned offering would mark the largest IPO in Malaysia since FGV Holdings Bhd raised RM10.4 billion in 2012. The company operates several medical facilities across Malaysia, as well as additional hospitals in Indonesia and Vietnam, according to its website.

Sources indicated that the sale process is still ongoing, with other hospital operators and private equity firms expressing interest in acquiring Asia OneHealthcare’s Malaysian assets. TPG has been exploring multiple strategic options for the company, including an IPO or outright sale, with no definitive agreement reached as of now.

Previous reports have noted that Malayan Banking Bhd and UBS Group AG have been engaged as advisers for the potential listing. Since the start of this year, first-time share sales in Malaysia have amounted to about US$1.5 billion, more than half of which came from the IPO of Sunway Healthcare Holdings Bhd.

TPG, together with the Hong Leong Group, acquired the healthcare business—formerly known as Columbia Asia Healthcare—in 2019. The rebranding to Asia OneHealthcare took place in 2024 following a consolidation of assets and the purchase of a joint venture between Sime Darby Bhd and Australian hospital operator Ramsay Health Care Ltd. Other shareholders in the company include the Abu Dhabi Investment Authority and Malaysia’s Employees Provident Fund.

Neither TPG nor Asia OneHealthcare representatives responded to requests for comment regarding the IPO filing.