Sunway Healthcare surges 28% in Malaysia's biggest healthcare IPO since 2017

Malaysian private hospital operator Sunway Healthcare Holdings made a strong stock market debut on Bursa Malaysia this week, with shares jumping 28% on listing day following the completion of the country's largest initial public offering in almost nine years, according to Reuters.

The Kuala Lumpur-based company raised 2.86 billion ringgit (€629 million) at an IPO price of 1.45 ringgit per share. Shares opened at 1.70 ringgit and closed at 1.85 ringgit on the first day of trading.

Sunway Healthcare operates 1,805 licensed beds across its network, anchored by Sunway Medical Centre in Kuala Lumpur, the largest private hospital in Malaysia. It is a unit of Malaysian conglomerate Sunway.

Jeffrey Cheah, Sunway Chairman, said at the listing event: "Sunway Healthcare is proud to join the ranks of public listed companies on Bursa, and play our part to further advance Malaysia's vibrant capital market."

The IPO attracted 20 cornerstone investors including AIA's Malaysian unit, the Employees Provident Fund, and JPMorgan Asset Management. The retail portion was oversubscribed 5.6 times.

Proceeds will be directed primarily towards hospital expansion and regional growth opportunities. Cheah confirmed the company had received past approaches from both the Singapore Exchange and Hong Kong about a potential dual listing but said there was currently no compelling reason to pursue one.

Sunway Healthcare posted revenue of 2.2 billion ringgit (€484 million) in 2025, a 19% increase year-on-year, though net profit dipped 2% to 252.2 million ringgit (€55.5 million) due to higher operating costs.

Art Karoonyavanich, Managing Director and Global Head of Equity Capital Markets at DBS, noted that the debut reflected strong investor appetite for trusted regional healthcare brands with exposure to medical tourism and Southeast Asia's ageing population.

Access the full Reuters report on Sunway Healthcare's market debut and expansion strategy in the complete article.