Sunway Healthcare shares rose 28% in their first day of trading, following the company’s 2.9 billion ringgit ($732 million) IPO, the country’s largest in nearly a decade. Shares of the Kuala Lumpur-based hospital operator, previously the healthcare arm of Malaysian conglomerate Sunway Group, closed at 1.85 ringgit on Wednesday, up from the offer price of 1.45 ringgit. The listing is Malaysia’s biggest since 2017’s IPO of Lotte Chemical Titan Holdings.
Sunway Group previously said the spin-off will help unlock shareholder value and improve the business’s access to capital markets. In Sunway Healthcare’s IPO prospectus, Sunway described the health business as a “distinct and viable business of its own.”
Sunway Healthcare generated 1.6 billion ringgit ($403 million) in revenue during the first nine months of 2025, a 17.8% year-on-year jump, according to its prospectus. Yet the company’s profits over the same period declined by 22% year-on-year to hit 140 million ringgit ($35.4 million).
Following its IPO, Sunway Healthcare will continue to operate its network of private hospitals, ambulatory care services and ancillary services, with plans to expand to eight hospitals totalling over 3,400 beds by 2032. Sunway Group will also retain majority control of its healthcare offshoot, owning 69.4% of the shares.
