Private-equity firm TPG has filed a confidential application to list hospital assets in Malaysia valued at close to $8.0 billion. The offering could raise up to $2.5 billion, potentially making it the third-largest deal in Malaysia's history, behind Petronas Chemicals and Felda Global Ventures. TPG submitted a preliminary application pack with Malaysia's Securities Commission last week, with the listing expected in early January and a preliminary prospectus to be filed with the stock exchange by early November.

As part of a dual-track strategy, TPG is also expected to launch a sale process for the same assets, which could begin as early as next month. The assets are operated by Asia One Healthcare (A1Health), a provider formed from TPG and Hong Leong's 2019 acquisition of Columbia Asia Healthcare. Today, A1Health operates 22 hospitals in Malaysia and over 4,000 beds across Southeast Asia.

Deal activity in Asia's medical-services sector remains strong, driven by rising patient volumes and a growing middle class. Malaysia hosted 60 listings last year, the most in two decades, with 36 companies raising $1.34 billion in the first half of 2026. U.S.-listed TPG manages $327 billion in assets.