The IPO offers 1.97 billion shares at RM1.45 each, comprising a 17.1% stake in the company, according to its prospectus. It is expected to be Malaysia’s largest listing in almost a decade.
The offer price would give Sunway Healthcare a market value of RM16.7 billion based on a total of 11.5 billion shares, the prospectus said. The shares are due to begin trading on March 18.
A Sunway Medical Centre. Photo from Sunway Group’s website |
Sunway Healthcare is one of Malaysia’s leading private healthcare providers with total licensed beds of 1,805 as of January 2026. The company operates Kuala Lumpur’s Sunway Medical Centre, which is the largest private hospital in Malaysia.
Sunway Chairman Cheah said his company’s healthcare unit was also seeking to expand regionally.
“We didn’t set any timeline, but I think we are looking out for opportunities,” he told reporters at the IPO launch on Friday.
The listing would see the combined market capitalisation of all four of the Sunway group’s listed units grow to more than RM70 billion, Cheah said.
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Jeffrey Cheah, founder and chairman of Sunway Group. Photo from the company’s website |
Sunway Healthcare’s listing is set to be Malaysia’s biggest IPO since the RM3.8 billion listing of Lotte Chemical Titan Holdings in 2017.
Bursa Malaysia raised $2.36 billion in listing proceeds in 2025, ranking second in Southeast Asia behind Singapore, according to LSEG data.
Year-to-date in 2026, Malaysian share offerings have raised $128.9 million, LSEG data showed.
The IPO is made up of 575 million new shares and 1.39 billion shares from existing investors that will be issued to retail and institutional investors, the prospectus showed.
Sunway City and Greenwood Capital, an indirect unit of Singapore’s GIC, are the selling shareholders.
The IPO is backed by 20 cornerstone investors including the Malaysian unit of insurer AIA Group, Malaysia’s pension provider the Employees Provident Fund, and JPMorgan Asset Management, according to the prospectus.
Proceeds will be mainly used to support the expansion of existing hospitals, the prospectus showed.
Reuters reported last year that Sunway Healthcare was looking to debut on Bursa Malaysia with a more than RM3 billion offering, valuing the hospital operator at more than RM15 billion.
For 2024, Sunway Healthcare’s net profit rose 42% to RM257.5 million from the prior year, while revenue climbed 27% to RM1.85 billion.
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