NAME: Sunway Healthcare's $732 million IPO
LAW FIRMS: Christopher & Lee Ong, Mah-Kamariyah & Philip Koh, Baker McKenzie, Latham & Watkins
JURISDICTION: Malaysia
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Healthcare
Sunway Healthcare Holdings' RM2.86 billion ($732 million) initial public offering (IPO) on Bursa Malaysia is our Deal of the Month for March.
Sunway Healthcare Holdings, a unit of Malaysian conglomerate Sunway, has completed Malaysia's largest listing since Lotte Chemical Titan Holdings went public in 2017. The transaction contributes to Malaysia's growing IPO market, which raised $2.36 billion in 2025, making it Southeast Asia's second-largest IPO market after Singapore. The company operates one of Malaysia's leading private healthcare networks, with 1,805 licensed beds as of January.
This landmark listing signals growing investor appetite for healthcare assets in Southeast Asia and reinforces Malaysia's position as a leading IPO destination in the region.
Mah-Kamariyah & Philip Koh and Latham & Watkins advised Sunway Healthcare Holdings. Adrian Koh led the Mah-Kamariyah & Philip Koh team for the issuer, while the Latham team featured Singapore corporate partner Sharon Lau and counsel Jeremy Wang. Christopher & Lee Ong and Baker McKenzie represented the bookrunners, with Baker McKenzie's team led by capital markets principal Alexander Stathopoulos.