AIA, EPF among potential cornerstone investors for Sunway Healthcare’s RM3 billion IPO: sources

Published Mon, Feb 23, 2026 · 06:55 PM

[SINGAPORE] AIA and Malaysia’s Employees Provident Fund (EPF) are among over 20 institutions being sounded out as cornerstone investors for Sunway Healthcare Holdings’ initial public offering (IPO), which could raise more than RM3 billion (S$868 million) in Malaysia’s largest offering in almost 10 years, said two people with direct knowledge of the matter.

Sunway Healthcare, one of Malaysia’s leading private healthcare providers, plans to open books for the IPO later this week, the sources said, declining to be named as the matter is private.

Sunway Healthcare targets a minimum of 17 cornerstone investors that could collectively take up to about half of the offering, the sources said.

The deal could be Malaysia’s biggest IPO since Lotte Chemical Titan Holding’s RM3.8 billion listing in 2017. The IPO would see 1.97 billion shares floated, about 17.1 per cent of the company’s enlarged share capital, Sunway Healthcare said on Feb 10.

A mix of global and domestic institutions are being approached as potential cornerstone investors, the sources said, including also RBC Global Asset Management (Asia) and Eastspring Investment Bhd.

Sunway Healthcare, the EPF and AIA declined to comment. RBC Global Asset Management and Eastspring did not immediately respond to requests seeking comment on Monday (Feb 23).

Sunway Healthcare, a unit of Malaysian conglomerate Sunway, said on Feb 10 it had appointed six investment banks as underwriters and planned to launch its IPO prospectus in the first quarter of 2026.

Reuters reported last year that Sunway Healthcare was considering listing on Bursa Malaysia in a more than RM3 billion offering that could value the company at more than RM15 billion.

Sunway said proceeds would primarily support expansion of existing hospitals.

Sunway Healthcare operates the country’s largest private hospital, Sunway Medical Centre in Kuala Lumpur. REUTERS