TPG Inc. has confidentially filed an application for an initial public offering (IPO) of its Malaysian hospital assets, Asia OneHealthcare. The potential IPO aims to raise approximately $2.5 billion, according to people familiar with the matter. This move comes as TPG simultaneously pursues a dual-track strategy, planning to launch a sale process for these same assets as early as next month.
The private equity firm, TPG, had previously selected Malayan Banking Bhd. and UBS Group AG to assist in evaluating options for Asia OneHealthcare, which included both a sale and an IPO. The company, formerly known as Columbia Asia Healthcare, had its name changed to Asia OneHealthcare in September 2024 after a consolidation of assets and the acquisition of a joint venture between Sime Darby and Australian private hospital operator Ramsay Health Care. TPG, along with Hong Leong Group, initially acquired the hospitals for about $1.2 billion in 2019.
Bloomberg News reported in March that TPG was considering options for Asia OneHealthcare, with a potential valuation of as much as 30 billion ringgit (approximately $7.6 billion). Other shareholders in Asia OneHealthcare include the Abu Dhabi Investment Authority and Malaysia’s Employees Provident Fund. The decision to proceed with an IPO or a sale is still under consideration, with TPG potentially opting to retain the Kuala Lumpur-based medical services provider.
