Sunway Healthcare Holdings Berhad has fixed its IPO price at RM1.45 per share and confirmed its public retail tranche was oversubscribed 5.57 times, reinforcing investor demand ahead of its March 18, 2026 listing on the Main Market of Bursa Malaysia — the country’s largest public offering since Lotte Chemical Titan Holding Berhad raised RM3.77 billion in July 2017.
Key Facts At A Glance
- IPO price fixed at RM1.45 per share, confirmed March 9, 2026 following bookbuilding completion
- Retail tranche oversubscribed 5.57 times; 77,236 applications received for 1.51 billion shares against 230 million available
- Non-Bumiputera public category oversubscribed 10.37 times; Bumiputera public portion oversubscribed 0.76 times
- Total IPO fundraise: up to RM2.86 billion, comprising RM833.8 million from new share issuance and RM2.02 billion from offer for sale
- Implied market capitalisation upon listing: approximately RM16.68 billion on 11.5 billion shares
- 20 cornerstone investors subscribed for 855 million shares, representing 97.5% of the institutional tranche
- 66.5% of gross proceeds (RM554.05 million) allocated to hospital capital expenditure within 36 months of listing
- 29.9% of gross proceeds (RM249.71 million) earmarked for redemption of sukuk wakalah; 3.6% (RM30 million) for IPO expenses
- FY2024 net profit: RM257.5 million; revenue: RM1.85 billion
- Sunway City Sdn Bhd to retain 69.5% controlling stake post-listing; GIC stake to reduce from approximately 16% to 7.5%
- Notices of allotment to be dispatched to successful applicants on March 17, 2026
Sunway Healthcare Holdings Berhad, the healthcare arm of conglomerate Sunway Berhad, is set to list on the Main Market of Bursa Malaysia on March 18, 2026 in what will be the country’s largest initial public offering in nine years. The company confirmed its final institutional and retail IPO price of RM1.45 per share on March 9 following the completion of a bookbuilding exercise jointly managed by Maybank Investment Bank and AmInvestment Bank, which acted as joint principal advisers, global coordinators, bookrunners, managing underwriters, and underwriters for the transaction.
On March 10, Malaysian Issuing House Sdn Bhd confirmed that the retail public tranche was oversubscribed by 5.57 times. A total of 77,236 applications were received for approximately 1.51 billion shares, against 230 million shares available for public subscription. The non-Bumiputera public category recorded the strongest demand at 10.37 times oversubscribed, with 67,264 applications for 1.31 billion shares. The Bumiputera public portion was oversubscribed at 0.76 times, with 9,972 applications for 202.7 million shares. The institutional offering was also fully subscribed, backed by joint bookrunners, global coordinators, and the 20 cornerstone investors.
Scale And Structure Of The Offering
The total offering covers up to 1.97 billion shares, comprising 1.39 billion existing shares sold through an offer for sale and 575 million newly issued shares forming the public issue. Of the 575 million new shares, 1.62 billion of the total offering were allocated to institutional investors and 345 million shares reserved for the retail tranche. Upon listing, up to 17.1% of the enlarged issued share capital will be in public hands.
The 20 cornerstone investors collectively subscribed for 855 million shares, representing 97.5% of the institutional tranche. Confirmed cornerstone participants include the Employees Provident Fund, Lembaga Tabung Haji, JPMorgan Asset Management (Singapore) Ltd, and Urusharta Jamaah Sdn Bhd, among others.
Post-listing, Sunway City Sdn Bhd, a subsidiary of Sunway Berhad, will remain the controlling shareholder with a 69.5% stake. Singapore’s sovereign wealth fund GIC, which held approximately 16% prior to the IPO, will see its shareholding reduced to 7.5% as part of the offer-for-sale component.
Use Of Proceeds
Of the RM833.8 million in gross proceeds from the public issue of new shares — confirmed in the prospectus and reported across The Star, New Straits Times, and The Edge Malaysia — RM554.05 million representing 66.5% is earmarked for capital expenditure to fund expansion of existing hospitals within 36 months from the listing date. A further RM249.71 million, or 29.9%, is allocated for partial redemption of Tranche 2 and full redemption of Tranche 3 of the sukuk wakalah issued by the group in 2023 and 2024. The remaining RM30 million, or 3.6%, will be used to defray fees and expenses relating to the IPO and listing.
Hospital Network And Expansion Pipeline
Sunway Healthcare currently operates five hospitals with a total licensed bed count of 1,805 and bed capacity of 1,982. Its flagship facility, Sunway Medical Centre in Sunway City Kuala Lumpur, operates 848 licensed beds. Group president Datuk Lau Beng Long stated at the prospectus launch that the company will focus on brownfield expansion between 2026 and 2028, increasing bed capacity and optimising utilisation across existing hospitals. Three greenfield hospitals are in the pipeline: a tertiary hospital in Seremban, Negeri Sembilan; a facility in Iskandar Puteri, Johor; and one in Putrajaya through a joint venture with Putrajaya Holdings Sdn Bhd. The combined brownfield and greenfield programme is expected to nearly double the group’s capacity by 2032.
Financial Performance
Sunway Healthcare reported revenue of RM1.85 billion and net profit of RM257.5 million for the financial year ended December 31, 2024, compared to revenue of RM1.46 billion and net profit of RM181.63 million in FY2023, representing profit growth of approximately 42% year-on-year. Hospital operations account for approximately 98% of total group revenue.
At the IPO valuation of approximately RM16.68 billion, the implied trailing price-to-earnings ratio based on FY2024 net profit stands at approximately 64.8 times. For context, at the time of the prospectus launch, peer IHH Healthcare Berhad was trading at a trailing price-to-earnings ratio of 30 times with an EV/EBITDA of 17.7 times, while KPJ Healthcare Berhad was trading at 37.4 times price-to-earnings with an EV/EBITDA of 15.4 times, as reported by The Edge Malaysia on February 27, 2026. Maybank Investment Bank’s managing director and regional head for equity capital markets, Raymond Chooi, described the offering as providing investors with defensive exposure and a coherent growth path — a profile that does not frequently appear in the Malaysian market.
The company has committed to a dividend payout ratio of up to 30% of net profit.
Market Context
Sunway Group founder and chairman Tan Sri Sir Jeffrey Cheah said at the prospectus launch that the addition of Sunway Healthcare Holdings would increase the Sunway Group’s combined market capitalisation beyond RM70 billion.
The listing coincides with a period of heightened deal activity in Southeast Asia’s healthcare sector. On March 5, 2026, Bloomberg reported that private equity firm TPG Inc. is evaluating strategic exit options for Asia OneHealthcare Sdn Bhd — formerly Columbia Asia Healthcare — at a valuation of up to RM30 billion. Advisers working on that potential transaction are reported to be monitoring Sunway Healthcare’s pricing and market reception as a reference point, underscoring the degree to which Malaysia’s private hospital capital markets are now interconnected.
Sunway Healthcare holds three major international hospital accreditations at its flagship Sunway Medical Centre facility: Joint Commission International, the Australian Council on Healthcare Standards, and Malaysia Society for Quality in Health — the first hospital in Malaysia to simultaneously achieve all three. A price stabilisation mechanism was activated from March 6, 2026, to manage short-term trading volatility following the listing.