Asia OneHealthcare Bhd (A1H) has filed for an IPO on Bursa Malaysia to fund hospital expansion, maintenance spending and debt repayment. The Asia OneHealthcare IPO comprises up to 4.38 billion shares, according to the draft prospectus lodged with the Securities Commission Malaysia.
Subang Jaya Medical Centre, which serves as the group’s quaternary hospital, anchors a portfolio that also includes the Columbia Asia network.
How Big Is the Asia OneHealthcare IPO?
The offer has two parts: an offer for sale of up to 3.86 billion existing shares and a public issue of 521.1 million new shares.
- Institutional offering: 3.77 billion shares, or 22.4% of the enlarged issued share capital, priced through bookbuilding
- Retail offering: 615.49 million shares, or 3.7%, for eligible directors, employees, persons who contributed to the group’s success and the Malaysian public
- Total offered: 26.1% of the enlarged issued share capital
The institutional tranche is open to Malaysian and foreign institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry Malaysia.
Maybank Investment Bank Bhd is principal adviser, joint lead global coordinator, bookrunner and underwriter, and sole managing underwriter.
What Does Asia OneHealthcare Operate?
The group was incorporated in March 1994 as Asia Pacific Healthcare Corporation Sdn Bhd. It was renamed Columbia Pacific Healthcare Sdn Bhd in 1995, Columbia Asia Healthcare Sdn Bhd in 2007 and Asia OneHealthcare Sdn Bhd in May 2024.
It was converted into a public company on Sept 22, 2026. The network spans 23 hospitals: 22 in Malaysia and one in Vietnam, with 2,632 licensed beds and 3,057 built beds.
- Quaternary: Subang Jaya Medical Centre
- Specialist: ALTY Orthopaedic Hospital, Beacon Hospital, Cardiac Vascular Sentral Kuala Lumpur, Hospital Picaso and Northern Heart Hospital Penang
- Secondary and tertiary: Ara Damansara Medical Centre, Bukit Tinggi Medical Centre, ParkCity Medical Centre and Columbia Asia network hospitals
- Recovery and rehabilitation: Columbia Asia Extended Care Hospital Shah Alam and TAGS Chiropractic & Rehabilitation centres
Who Controls Asia OneHealthcare Before and After the IPO?
HLT Healthcare Holdings Singapore Ltd, formerly Asia OneHealthcare Pte Ltd, holds 73.9% of A1H today. After the IPO, that stake is expected to fall to 70%.
The holding vehicle is backed by Tan Sri Quek Leng Chan’s Hong Leong Group and US private equity firm TPG. HLT Healthcare is an investment holding company with stakes in private healthcare facilities in Malaysia, Indonesia and Vietnam.
Where Will the Asia OneHealthcare IPO Proceeds Go?
- Brownfield expansion: selected projects at existing hospitals in Seremban, Iskandar Puteri and Tebrau, where a potential new medical campus is being considered, within 36 months of listing
- Maintenance capex: recurring spending on hospital facilities, infrastructure, medical equipment and IT systems
- Debt repayment: partial repayment of RM300 million in revolving credit facilities from RHB Bank Bhd, CIMB Bank Bhd and AmBank Bhd, used to facilitate the pre-IPO distribution
The facilities carry Klibor plus 0.5% per annum, have no fixed maturity and offer a one-year availability period from the initial utilisation date. A1H expects to make the repayment within 12 months of listing.
What Did Asia OneHealthcare Earn in FY2026?
For the financial year ended March 31, 2026 (FY2026), A1H posted a net profit of RM344.37 million. That compares with a net loss of RM85.85 million a year earlier.
Revenue rose 13.4% to RM3.29 billion from RM2.9 billion. The group targets dividends of up to 30% of consolidated profit after tax and minority interests (Patami) each financial year, subject to working capital and capex needs. Read more in our Dividend Investing Guide.
The filing gives no earnings per share figure and no peer valuation, so a price-to-earnings comparison cannot be made from this report.
What Are the Main Risks in the Asia OneHealthcare IPO?
- Dilution: HLT’s stake drops by 3.9 percentage points, from 73.9% to 70%
- Interest cost: the RM300 million facilities float at Klibor plus 0.5%
- Execution: three expansion projects must finish within 36 months, and the Tebrau medical campus is still under consideration
- Dividend certainty: the 30% payout target is capped and subject to capital requirements
How Can Malaysian Investors Apply for the Asia OneHealthcare IPO?
Online applications require a direct CDS account in your own name. Each broker needs its own CDS account, and Bursa is scripless, so there are no share certificates.
Submit only one application per IPO. Multiple applications are an offence under the Capital Markets and Services Act 2007, and retail portions are balloted when oversubscribed.
Apply through the M+ Global app using Invitation Code UBZQ. For help, WhatsApp +60169059789. Do not use the M+ Online app, which stopped working on 19 December 2025. For background, see IPO Investing with M+ Global.
The offer period and listing date are not stated in the filing report, so check the final prospectus before applying.
Key Takeaways
- The Asia OneHealthcare IPO offers up to 4.38 billion shares, equal to 26.1% of the enlarged issued share capital.
- A1H plans to partly repay RM300 million in revolving credit facilities within 12 months of listing.
- FY2026 net profit reached RM344.37 million against a RM85.85 million loss, with revenue up 13.4% to RM3.29 billion.
- A1H is worth monitoring on Bursa Malaysia, but the offer price, listing market and listing date are not in the filing report.
This article is general information, not personal financial advice. Do your own research and read the full prospectus before making any decision.
Frequently Asked Questions
How many shares is Asia OneHealthcare offering in its IPO?
Asia OneHealthcare is offering up to 4.38 billion shares, including an offer for sale of up to 3.86 billion existing shares and a public issue of 521.1 million new shares. Together they represent 26.1% of the enlarged issued share capital.
What is Asia OneHealthcare’s stock code on Bursa Malaysia?
The stock code is A1H, the abbreviation used for Asia OneHealthcare Bhd. The group operates 23 hospitals, 22 in Malaysia and one in Vietnam.
How much debt will Asia OneHealthcare repay from the IPO?
Asia OneHealthcare intends to partially repay RM300 million in revolving credit facilities from RHB Bank Bhd, CIMB Bank Bhd and AmBank Bhd. The company expects to make the repayment within 12 months of listing.
What was Asia OneHealthcare’s net profit for FY2026?
Asia OneHealthcare posted a net profit of RM344.37 million for the financial year ended March 31, 2026, against a net loss of RM85.85 million a year earlier. Revenue rose 13.4% to RM3.29 billion.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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