Sunway City, 27 February 2026 – Sunway Healthcare Holdings Berhad (“SHH”) today officially launched its initial public offering (IPO) prospectus at Sunway Resort Hotel, marking a major milestone ahead of its listing on the Main Market of Bursa Malaysia Securities Berhad.
At a maximum IPO price of RM1.45 per share and based on an enlarged issued share base of 11.5 billion shares, SHH is expected to debut with a market capitalisation of approximately RM16.68 billion, positioning it among Malaysia’s largest listed healthcare groups.
The IPO is expected to raise approximately RM2.86 billion, comprising an offer for sale of up to 1.394 billion existing shares and a public issue of 575 million new shares, making it the largest Malaysian IPO since 2017.
The Group has also adopted a dividend policy targeting a payout ratio of up to 30% of consolidated profit after taxation and minority interest.
Strong Cornerstone Backing
The offering has secured firm commitments from 20 cornerstone investors, collectively subscribing to 855 million shares, representing 97.5% of the institutional offering (excluding the Bumiputera MITI allocation).
Cornerstone investors include major institutional names such as the Employees Provident Fund, International Finance Corporation, Lembaga Tabung Haji, JPMorgan Asset Management (Singapore), RBC Global Asset Management (Asia), AIA Bhd and several leading domestic asset managers.
The strong institutional backing reflects confidence in SHH’s integrated healthcare platform and growth trajectory.
Use of Proceeds
From the public issue portion of approximately RM833.8 million (based on the maximum IPO price), SHH intends to allocate:
- RM554.1 million (66.5%) to part-finance expansion of existing hospitals and increase bed capacity.
- RM249.7 million (29.9%) for partial and full redemption of Sukuk Wakalah tranches issued in 2023 and 2024.
- RM30.0 million (3.6%) to defray IPO-related expenses.
The sukuk proceeds previously funded acquisitions and brownfield developments including expansions at Sunway Medical Centre Sunway City Kuala Lumpur (Towers D, E and F), Damansara, Ipoh and Penang.
Market Position & Growth Profile
According to an independent market research report dated 5 February 2026, SHH operates Malaysia’s largest private hospital, Sunway Medical Centre Sunway City, with 848 licensed beds, making it one of the largest in Southeast Asia.
Between 2022 and 2024, SHH was the fastest-growing listed private hospital group in Southeast Asia in terms of bed count and revenue, recording compound annual growth rates of 27.0% and 31.9% respectively.
In 2024, SHH held an 8.3% market share of Malaysia’s private hospital industry based on revenue and accounted for 8.1% of the country’s medical tourism revenue.
Beyond acute hospital care, the Group differentiates itself as the only major private hospital group in Malaysia offering full lifecycle healthcare services, spanning ambulatory care, home healthcare, palliative care, traditional and complementary medicine, and senior living services.
Leadership Vision
Executive Chairman Tan Sri Dato’ Seri (Dr.) Jeffrey Cheah said the IPO reflects investor trust in the Sunway brand and its long-standing values of integrity, humility and excellence.
“I am fully confident that Sunway Healthcare Group will maximise its potential to be the leading integrated healthcare provider in Southeast Asia,” he said.
President Dato’ Lau Beng Long added that SHH has grown from a single hospital in Sunway City to a five-hospital network with 1,805 licensed beds and over 700 consultant specialists.
Looking ahead, SHH plans to develop three new hospitals in Seremban, Iskandar Puteri and Putrajaya, potentially doubling capacity by 2032 while strengthening medical tourism initiatives and digital health systems.
Investment Bankers’ View
Michael Oh-Lau, CEO of Maybank Investment Bank Berhad, described the IPO as one of the most significant healthcare listings in ASEAN in recent years.
Christopher Ng, CEO of AmInvestment Bank Berhad, said SHH’s strong clinical capabilities and disciplined execution position it well to capture rising regional demand for private healthcare.
Maybank Investment Bank and AmInvestment Bank are joint principal advisers, global coordinators, bookrunners and managing underwriters for the IPO.
IPO Timetable
- Prospectus Issuance / Opening of Applications: 27 February 2026
- Retail Application Closing: 5 March 2026 (5.00 p.m.)
- Balloting Date: 10 March 2026
- Listing Date: 18 March 2026
