Columbia Asia owner Asia OneHealthcare files for Bursa IPO
- Asia OneHealthcare, owner of Subang Jaya Medical Centre and Columbia Asia, filed a draft prospectus for a Main Market IPO of up to 4.38 billion shares.
- The draft gives no price, deal size or listing date; Bloomberg reported it could raise up to RM10 billion.
- In Penang it runs Columbia Asia Hospital Batu Kawan (opened July 2025) and Northern Heart Hospital Penang on Jalan Peel.
- Beacon Hospital in Petaling Jaya stands on industrial land awaiting a special area plan that would zone it commercial.
How many shares is Asia OneHealthcare offering in its IPO?
Up to 4.38 billion shares: up to 3.86 billion existing shares from HLT Healthcare Holdings Singapore and 521.1 million new shares, plus an over-allotment of up to 657.1 million shares.
Which hospitals does Asia OneHealthcare own in Penang?
Columbia Asia Hospital Batu Kawan in Bandar Cassia, opened in July 2025 with 151 beds built, and Northern Heart Hospital Penang on Jalan Peel, George Town, opened in June 2024 with 56 beds.
When will Asia OneHealthcare list on Bursa Malaysia?
No date yet. The draft prospectus published on 28 October 2026 is not registered and gives no price, deal size or listing date.
Asia OneHealthcare Bhd, which runs 23 hospitals including Subang Jaya Medical Centre and the Columbia Asia network, has filed a draft prospectus for an initial public offering of up to 4.38 billion shares and a listing on the Main Market of Bursa Malaysia. The Securities Commission put the draft on its website on 28 October 2026 for public comment. It is not yet registered and gives no price or listing date.
The offer
- Shares: up to 3.86 billion existing shares sold by HLT Healthcare Holdings Singapore, the owners' holding company, plus 521.1 million new shares
- Who can buy: up to 3.77 billion shares for institutions, including 2.1 billion (12.5% of the enlarged company) for Bumiputera investors approved by the trade ministry; 615.5 million for the public by ballot and for staff and others who helped the group
- Over-allotment: up to 657.1 million more existing shares. The seller keeps 73.9%, or 70.0% if all are sold
- New money: hospital expansion and upkeep, repaying bank loans and listing costs
- How big: Reuters reported in April a possible value of about RM30 billion. Bloomberg reported in September it could raise up to RM10 billion, Malaysia's biggest IPO since FGV's RM10.4 billion in 2012. The draft confirms neither
The group
- Owners: US private equity firm TPG and Tan Sri Quek Leng Chan's Hong Leong group, which agreed to buy Columbia Asia in 2019. Quek is chairman; Dr Chan Boon Kheng is managing director
- Deals: the Sime Darby–Ramsay hospitals (Subang Jaya, Ara Damansara, Bukit Tinggi, ParkCity) for about RM5.7 billion in December 2023, then five specialist hospitals, including Beacon and Northern Heart Hospital Penang, for about RM2.0 billion in August 2024
- Size: 22 hospitals in Malaysia and one in Vietnam, 2,632 licensed beds, aiming for about 3,900 by March 2032
- Results: revenue of RM3.29 billion and net profit of RM344.4 million in the year to March 2026, against a RM85.8 million loss a year earlier
Its Penang hospitals
- Columbia Asia Hospital Batu Kawan: a seven-storey hospital with an eight-storey car park on about 3 acres (12,120 sq m) of freehold land in Bandar Cassia, opened in July 2025. It has 151 beds built, 51 licensed and 39.3% occupancy, with 35 more beds planned by March 2032. Book value: RM146.4 million
- Northern Heart Hospital Penang: a nine-storey heart hospital on 6,048 sq m on Jalan Peel, George Town, opened in June 2024. It has 56 beds and earned over RM100 million in its first full year. Doctors own 42.1%
- Plans: the prospectus names Penang the anchor for future growth in the north and targets Indonesian patients
A hospital on industrial land
Beacon Hospital in Section 51, Petaling Jaya, stands on land still classed "industry", with a 1995 certificate of fitness for industrial use. It runs on a yearly change-of-use approval and temporary permit from the Petaling Jaya City Council. A proposed special area plan (*Rancangan Kawasan Khas*) marks Section 51 as a healthcare hub, with the land zoned commercial. Once Selangor gazettes it, the group will apply to convert the land, expecting 8 to 12 months.
The group bought Beacon's land and building for RM62 million in 2024. It has also agreed to buy, from Beacon ACM Sdn Bhd, a new five-storey hospital tower opposite on Lot 38 (6,072.8 sq m) for RM176.1 million, and Lot 40 (3,872.3 sq m) for RM16.9 million, about RM405 psf (our calculation). Both deals await conditions.
- Securities Commission Malaysia — Prospectus exposure: Asia OneHealthcare Berhad (draft prospectus, not yet registered) (28 Oct 2026)
- The Star (Reuters) — Asia OneHealthcare files draft prospectus for Malaysia IPO (29 Oct 2026)
- The Edge Malaysia (Bloomberg), via KLSE Screener — TPG's Asia OneHealthcare is said to confidentially file for RM10 bil Malaysia IPO (2 Sep 2026)
Facts summarised in our own words, with our own analysis added.
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