Asia OneHealthcare Berhad’s proposed Bursa Malaysia IPO is weighted toward HSG’s sale of existing shares, limiting the hospital operator’s share of proceeds as it seeks capital for expansion and debt repayment.
The Securities Commission Malaysia published the draft prospectus for public comment on Oct. 28, 2026. It outlines an offer of up to 4,380,589,000 shares, comprising 3,859,490,500 existing shares sold by HSG and 521,098,500 newly issued shares. The total represents about 26.1% of the company’s enlarged issued shares.
HSG would keep 73.9% of the company after the IPO if the over-allotment option is not used. If the option, covering up to 657,088,300 shares, is exercised in full, HSG’s stake would fall to 70.0%.
The proceeds would go to different parties depending on the shares sold. Asia OneHealthcare says it will receive funds from the new-share issue, while HSG gets the proceeds from its sale. The draft does not disclose an offer price; pricing dates remain placeholders.
Asia OneHealthcare plans to direct new-share proceeds toward hospital expansion, maintenance, partial repayment of bank borrowings and IPO costs. Expansion and maintenance spending is planned within 36 months of listing, while repayment and expenses are expected within 12 months. Named projects include work at Columbia Asia Hospital Seremban and Columbia Asia Hospital Iskandar Puteri, as well as a potential new medical campus. The prospectus gives no amounts for these uses.
The company says it would use part of the proceeds to repay revolving bank facilities with a combined limit of RM300 million. It says the facilities were obtained to facilitate a pre-IPO distribution.
The hospital group has 23 facilities across Malaysia and Vietnam: 22 are in Malaysia and one is in Vietnam. For the financial year ended March 31, 2026, revenue reached RM3.294 billion, up about 13.6% from RM2.900 billion a year earlier. Profit attributable to owners was RM344.368 million, following a loss of RM85.846 million in the prior year.
The prospectus identifies inpatient demand and occupancy, recruiting and retaining health professionals, and ties with private insurers as business risks. The SC lists the document as unregistered; it says the offer and applications must wait until registration. The draft gives no listing date.
