A Malaysian private hospital company experienced a strong first day on the stock market Wednesday, with shares climbing 26% following the nation’s most substantial initial public offering in nearly a decade.
Sunway Healthcare Holdings saw its stock price rise to 1.70 ringgit per share at opening, compared to its IPO pricing of 1.45 ringgit, with shares reaching as high as 1.83 ringgit during early trading. The company successfully raised 2.86 billion ringgit, equivalent to $732 million, through the public offering.
The healthcare provider, which operates as part of the larger Sunway conglomerate, stands among Malaysia’s top private medical care companies with 1,805 licensed hospital beds as of January. This fundraising effort represents the country’s most significant IPO since Lotte Chemical Titan Holdings went public in 2017.
Malaysia’s public offering market has been gaining momentum, with additional listings planned including a potential REIT offering from IOI Properties. Data from LSEG shows companies going public on Bursa Malaysia have raised $2.36 billion in IPOs during 2025, positioning the country as Southeast Asia’s second-largest IPO market behind Singapore.
“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,” Chairman Jeffrey Cheah stated during the listing ceremony in Kuala Lumpur.
Company leadership has indicated the IPO proceeds will support hospital expansion plans and future development initiatives, with Cheah mentioning the company’s interest in regional growth opportunities. The organization runs Kuala Lumpur’s Sunway Medical Centre, recognized as Malaysia’s largest private hospital facility.
The stock offering included 575 million newly issued shares along with 1.39 billion shares sold by current stakeholders, including Sunway City and Greenwood Capital, which is connected to Singapore’s state investment fund GIC.
Twenty cornerstone investors supported the IPO, including AIA’s Malaysian division, the Employees Provident Fund, and JPMorgan Asset Management. Individual investor demand exceeded available shares by 5.6 times.
Recent financial results released Monday revealed Sunway Healthcare experienced a 2% drop in net profit to 252.2 million ringgit, primarily attributed to increased operational costs and expenses. However, the company’s revenue grew 19% to 2.2 billion ringgit from the previous year’s 1.85 billion ringgit.
