By Yantoultra Ngui
SINGAPORE (Reuters) – Sunway Healthcare Group has hired banks, including CIMB and Malayan Banking Bhd, to work on a more than 3 billion ringgit ($675 million) Malaysian initial public offering, two sources with knowledge of the matter said.
UBS is also among the banks appointed for the float, a third source said.
The IPO could happen in the second half of this year or 2026. It could value the private hospitals operator at more than 15 billion ringgit, the first two sources said.
All the sources declined to be named.
The Edge Malaysia first reported on the banks’ appointment earlier on Wednesday.
Sunway Healthcare, Maybank and UBS declined to comment. CIMB said it does not disclose or comment on specific names or clients.
The IPO could be the country’s biggest offering since Lotte Chemical Titan Holding’s 3.8 billion ringgit float in 2017.
The total value of Malaysian IPOs more than doubled to $1.64 billion in 2024 from $724.3 million the same period a year earlier, according to LSEG data, making it the biggest IPO market in Southeast Asia last year.
Established in 1999 by Malaysian conglomerate Sunway Group, Sunway Healthcare now has three hospitals in Malaysia with a combined capacity of some 1,730 beds and more than 400 specialist consultants, according to its website.
It also operates ancillary healthcare businesses, including a fertility center and senior living facility, its website showed.
Sunway Healthcare aims to increase the combined capacity of its hospital network to more than 3,000 beds by 2030, it said on its website.
Sunway Healthcare also counts Singapore sovereign wealth fund GIC as a minority shareholder.
($1 = 4.4420 ringgit)
(Reporting by Yantoultra Ngui; Editing by Ros Russell)
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