TPG Inc.-backed Asia One Healthcare Sdn. has confidentially filed for an initial public offering in Kuala Lumpur, aiming to raise up to 10 billion ringgit ($2.5 billion). The healthcare provider submitted a draft registration to the Securities Commission Malaysia last week. An IPO of this scale would mark Malaysia's largest since FGV Holdings Bhd.'s 10.4 billion ringgit offering in 2012.

People with knowledge of the matter, who requested anonymity due to the confidential nature of the filing, revealed the details. The confidential submission signals the company's intent to access public capital markets to support expansion plans.