Malaysian Healthcare IPOs Accelerate with Big Caring, Asia OneHealthcare
Pharmacy chain Big Caring launched its Initial Public Offering on 29 October, targeting a 19 November listing on Bursa Malaysia. Concurrently, Asia OneHealthcare submitted its preliminary prospectus for a separate mainboard debut.
Big Caring Launches RM637.8 Million IPO
Malaysian pharmacy operator Big Caring initiated its Initial Public Offering (IPO) on 29 October, offering approximately 1.9 billion shares at RM1.08 (about S$0.34) each. The company anticipates listing on Bursa Malaysia’s Main Market on 19 November.
Big Caring aims to raise RM637.8 million (about S$200 million) by issuing 590.5 million new shares, with existing shareholders selling the remaining 1.3 billion shares.
The IPO has secured commitments from 19 cornerstone investors, including J.P. Morgan Asset Management, the International Finance Corporation, Abrdn, and Principal Asset Management, who collectively subscribed for 665.5 million shares. Upon listing, Big Caring expects a market capitalisation of RM8 billion based on its offer price and an enlarged share base of 7.4 billion units.
Asia OneHealthcare Files Preliminary Prospectus
Separately, Asia OneHealthcare Bhd, a healthcare group backed by Malaysian billionaire Quek Leng Chan’s Hong Leong Group and US private equity firm TPG, submitted its preliminary prospectus on 28 October. The company plans to offer up to 4.38 billion shares, also seeking a listing on Bursa Malaysia.
Over 3.8 billion of these shares will be sold by existing shareholders, with 521.1 million being new shares. Asia OneHealthcare’s preliminary filing did not specify an offer price, fundraising target, or listing date. The group currently operates 23 hospitals, with 22 located in Malaysia and one in Vietnam.
For the financial year ending March this year, Asia OneHealthcare reported a net profit of RM344.4 million, reversing a net loss from the prior year, on revenues of RM3.29 billion.
Growth and Strategic Use of Proceeds
Big Caring, which operates over 600 outlets in Malaysia, has demonstrated significant growth, with revenue increasing from RM1.1 billion in the 2023 financial year to RM4 billion in the 2026 financial year. Net profit more than doubled over the same period, reaching RM231.8 million from RM41.2 million.
Group managing director Lee Ming Chuan attributed this expansion to demographic shifts, rising health awareness, and demand for accessible healthcare services. The company plans to allocate most of its IPO proceeds to repay bank borrowings, with RM30 million earmarked for a new distribution centre and RM37 million for listing expenses.
Big Caring also targets distributing up to 50% of its net profit as dividends, subject to cash availability and debt levels.
The concurrent IPOs of Big Caring and Asia OneHealthcare signal a deepening interest in Malaysia’s healthcare sector from capital markets. This activity follows Sunway Healthcare’s successful debut on Bursa Malaysia’s Main Market on 18 March this year, which was the country’s largest listing in nearly nine years.
For investors, this wave provides new avenues to participate in a sector driven by sustained regional demand for healthcare services and infrastructure expansion.
The proceeds from these listings are primarily directed towards debt reduction and operational growth, indicating a focus on strengthening balance sheets and expanding service delivery amid competitive market conditions.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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