Malaysia's private healthcare space is about to get a very public spotlight. Sunway Healthcare Holdings Bhd is preparing for a listing that analysts believe will set a new valuation record for the local hospital sector — at least for a while. That "for a while" part matters, because another heavyweight, Asia OneHealthcare (formerly Columbia Asia Healthcare), is also said to be lining up an IPO that could be even larger.
In other words, 2026 is shaping up to be a year where the healthcare sector doesn't just grow operationally — it potentially gets re-priced in the eyes of the market.
Why this listing is being called a "sector record"
According to Hong Leong Investment Bank (HLIB), Sunway Healthcare's indicative valuation is around RM16 billion, with a targeted listing by the first quarter.
HLIB also noted market talk suggesting the deal is being pitched at an enterprise value to EBITDA multiple of more than 27 times forward 2026 earnings. If that pricing holds, it would be a major jump compared to the valuations investors are used to seeing for existing listed hospital groups.
To put it simply: Sunway Healthcare may be priced like a premium healthcare growth platform, not "just another hospital operator."
The valuation gap that investors will be watching closely
HLIB highlighted that the current trading multiples for major listed peers like IHH Healthcare Bhd and KPJ Healthcare Bhd sit around 14.8 times (EV/EBITDA).
So if Sunway Healthcare lands north of 27 times, the story becomes less about the IPO being large — and more about whether the market is willing to accept a new, higher valuation anchor for hospital assets in Malaysia.
That's a big deal because once a large IPO establishes a premium valuation benchmark, it can influence how the entire sector is valued, especially if more listings follow.
OneHealthcare is the "next big shadow" behind Sunway's milestone
Sunway may grab the headlines first, but the record might not last. Asia OneHealthcare is reportedly considering an IPO before the end of 2026, with a possible valuation of at least RM20 billion.
If that happens, investors could see two major healthcare listings in the same year, each pushing valuation expectations upward — and both attracting institutional attention that can reshape sector positioning.
IPO mechanics: who's underwriting, and what's being offered
Sunway Healthcare has already moved beyond "IPO rumour" territory. It has signed an underwriting agreement with a syndicate of investment banks ahead of its planned Main Market listing on Bursa Malaysia.
The banks involved include:
• AmInvestment Bank
• Affin Hwang Investment Bank
• CIMB Investment Bank
• RHB Investment Bank
• Kenanga Investment Bank
The prospectus is expected to be launched in the first quarter of 2026.
On the structure itself, the IPO is planned to include up to 1.969 billion shares, made up of:
• About 575 million new shares
It's also split into:
• A retail offering of 345 million shares (about 3.0 percent)
What Sunway Healthcare looks like as an operating business
Beyond IPO pricing, investors will still ask the practical question: what are they buying?
Sunway Healthcare Group is positioned as one of Malaysia's leading integrated private healthcare providers, with total licensed bed capacity of 1,805 as of January 2026.
MARC Ratings expects that capacity to expand significantly, potentially reaching around 3,000 beds by 2030, driven by phased expansion plans and new hospital builds.
That growth narrative is backed by patient volume momentum too. Patient throughput reportedly increased 21 percent year-on-year to 832,440 in the first seven months of 2025, and was tracking ahead of the 1.3 million visits recorded for full-year 2024.
The tailwinds behind the sector's IPO wave
The broader demand drivers being cited are the ones we keep hearing — but in healthcare, they carry real weight:
• Rising demand for chronic care
• Higher affluence and willingness to spend on private care
• Steady medical tourism inflows
When these trends combine with expansion plans, it's easy to see why hospital groups can argue for premium valuations — especially if they can show consistent utilisation, pricing power, and throughput growth.
Final thoughts
Sunway Healthcare's planned listing isn't just another Bursa event. If it prices anywhere near the levels being discussed, it could reset the valuation expectations for Malaysia's hospital sector — at least until the market sees what OneHealthcare might bring later in 2026.
The real test won't be the headline valuation alone. It will be whether investors believe the growth story (beds, expansions, patient volume, and margins) is strong enough to justify a premium multiple, and whether that premium holds after the first burst of IPO excitement fades.
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