Asia OneHealthcare plans to launch its IPO documentation this November, with the offering expected sometime in the first quarter of 2027 and likely to value the firm at about RM30 billion, The Business Times reported, citing a person familiar with the matter.

Bloomberg earlier reported that Asia OneHealthcare had confidentially filed for an IPO in Kuala Lumpur, submitting a draft registration to the Securities Commission Malaysia late last month.

Assuming market conditions hold, the offering could rank among Malaysia’s largest healthcare IPOs on record. It would exceed IHH Healthcare’s RM6.3 billion IPO in 2012 and be more than twice the size of Sunway Healthcare’s RM2.9 billion base offering earlier this year.

Asia OneHealthcare, previously known as Columbia Asia Healthcare, was acquired by Hong Leong Group and TPG in 2019. The company took its current name in 2024 after consolidating its assets and acquiring Ramsay Sime Darby Health Care.

It is now one of the region’s largest private hospital platforms, operating 23 hospitals across Malaysia and Vietnam with more than 1,300 consultants, according to its website.

Its IPO would add another public-market asset to the business empire of Quek, whom Forbes ranked as Malaysia’s second-richest man with an estimated fortune of $7.5 billion earlier this year.

Quek also has interests in banking, property and manufacturing, as well as investments across the country and the region.

He is a cousin of Singaporean billionaire Kwek Leng Beng, executive chairman of Singapore-listed property developer City Developments Limited and the city-state’s second-richest man.