ByYessar Rosendar,
Forbes Staff.
Sunway Healthcare Holdings—a unit of Malaysian billionaire Jeffrey Cheah’s Sunway Group— is raising 2.9 billion ringgit ($736 million) from its IPO, in what could be the country’s biggest maiden share sale in nearly a decade.
The company plans to sell up to 1.97 billion shares, including 575 million new shares, at 1.45 ringgit each. The IPO kicked off today with the share sale to retail investors closing on March 5 and to institutional investors the following day. Trading of Sunway Healthcare on Bursa Malaysia will start on March 18.
The IPO values Sunway Healthcare at 16.7 billion ringgit, making it the country’s second largest healthcare company after IHH Healthcare, according to a prospectus released on Friday. The company currently operates five hospitals in Malaysia.
