Malaysian hospital operator Asia OneHealthcare filed a draft prospectus for an initial public offering of up to 4.38 billion shares on Bursa Malaysia, the Securities Commission Malaysia website showed on Wednesday.

US-based private equity firm TPG explored strategic options for the hospital group in April alongside Maybank and UBS, examining a domestic float that could value the business at around 30 billion ringgit ($7.4 billion).

The preliminary filing omits the target offer price, total deal value and debut listing date.

The deal relies overwhelmingly on vendor divestment. Controlling shareholder HLT Healthcare Holdings Singapore, the vehicle through which US buyout firm TPG holds its stake, is selling up to 3.86 billion existing shares.

Asia OneHealthcare itself will issue 521.1 million new shares to raise primary capital. If underwriters do not exercise an over-allotment option of up to 657.1 million additional existing shares, HLT Healthcare Holdings Singapore will retain a 73.9 per cent controlling interest in the group once the transaction closes.

Institutional buyers will take the bulk of the float. Up to 3.77 billion shares are earmarked for domestic and foreign institutional funds, while the remaining 615.5 million shares are allocated to the managing director, eligible staff, contributors to the business and the Malaysian public.

Proceeds raised from the newly issued shares will fund physical expansion across the hospital network, routine facility maintenance, medical machinery purchases, partial debt reduction and listing costs.

The company turned around its bottom line in the financial year ended March 2026. 8 million ringgit logged during the prior twelve months.

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