APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Sunway Healthcare Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunway-healthcare-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare Holdings (SUNMED MK)</a> raised US$735m in its Malaysia IPO in March 2026. The lockup on controlling shareholders and Pre-IPO investors is set to expire soon on 18 September.</li>
<li>Sunway Healthcare Holdings, one of the largest private hospital groups in Malaysia, provides services covering the full lifecycle of care.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Sunway Healthcare Holdings (SUNMED MK) raised US$735m in its Malaysia IPO in March 2026. The lockup on controlling shareholders and Pre-IPO investors is set to expire soon on 18 September.
Sunway Healthcare Holdings, one of the largest private hospital groups in Malaysia, provides services covering the full lifecycle of care.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Sunway Healthcare IPO Lockup - US$4.7bn Lockup Release, GIC Might Look to Sell

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Sunway Healthcare plans to offer up to 1,974M shares for its upcoming Malaysian IPO, comprising of up to 1,399M existing shares to be offered for sale and 575M new shares.</li>
<li>Sunway intends to utilize IPO proceeds for greenfield and brownfield Capex and redemption of debt. The company aims to double its bed capacity by 2032.</li>
<li>As one of the major hospital groups in Malaysia, Sunway is well-positioned to capitalize on industry’s growth opportunity and further solidify its presence in the private healthcare services industry.</li>
</ul>


Sunway Healthcare plans to offer up to 1,974M shares for its upcoming Malaysian IPO, comprising of up to 1,399M existing shares to be offered for sale and 575M new shares.
Sunway intends to utilize IPO proceeds for greenfield and brownfield Capex and redemption of debt. The company aims to double its bed capacity by 2032.
As one of the major hospital groups in Malaysia, Sunway is well-positioned to capitalize on industry’s growth opportunity and further solidify its presence in the private healthcare services industry.


Sunway Healthcare Pre-IPO: Favorable Industry Positioning and Expansion Plan to Drive Growth

Equity Bottom-Up

Sunway Healthcare Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunway-healthcare-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare Holdings (SUNMED MK)</a> reported solid financial performance for 4Q25, with double-digit revenue growth and improved profitability, driven by higher patient volume across existing hospitals and contributions from new hospitals.</li>
<li>The company aims to grow by brownfield expansions and strategic asset acquisitions. Bed capacity is expected to increase from 1,982 as of January 2026 to 2,300 by end of 2026.</li>
<li>Supported by resilient demand, disciplined execution and favorable long-term healthcare megatrends, Sunway Healthcare remains cautiously optimistic about its prospects for 2026.</li>
</ul>



Sunway Healthcare Holdings (SUNMED MK) reported solid financial performance for 4Q25, with double-digit revenue growth and improved profitability, driven by higher patient volume across existing hospitals and contributions from new hospitals.
The company aims to grow by brownfield expansions and strategic asset acquisitions. Bed capacity is expected to increase from 1,982 as of January 2026 to 2,300 by end of 2026.
Supported by resilient demand, disciplined execution and favorable long-term healthcare megatrends, Sunway Healthcare remains cautiously optimistic about its prospects for 2026.


Sunway Healthcare (SUNMED MK): Strong 4Q Result; Cautiously Optimistic Outlook for 2026

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Sunway Healthcare Holdings / Event-Driven

<ul>
<li>After a huge jump in its stock price on listing day, <a href="https://www.smartkarma.com/entities/sunway-healthcare" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare</a> will be added to the <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> next week.</li>
<li>There will be also inflows to the stock from passive trackers of one global index. That should provide some support for the stock.</li>
<li>Active managers in Malaysia use the <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> as a benchmark and there will be buying in <a href="https://www.smartkarma.com/entities/sunway-healthcare" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare</a> from those funds too.</li>
</ul>


After a huge jump in its stock price on listing day, Sunway Healthcare will be added to the Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) next week.
There will be also inflows to the stock from passive trackers of one global index. That should provide some support for the stock.
Active managers in Malaysia use the Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) as a benchmark and there will be buying in Sunway Healthcare from those funds too.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunway-healthcare" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare (2268774D MK)</a> raised US$735m in its Malaysia IPO.</li>
<li>Sunway Healthcare Holdings, one of the largest private hospital groups in Malaysia, provides services covering the full lifecycle of care.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Sunway Healthcare (2268774D MK) raised US$735m in its Malaysia IPO.
Sunway Healthcare Holdings, one of the largest private hospital groups in Malaysia, provides services covering the full lifecycle of care.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Aequitas: Sunway Healthcare IPO Trading - Decent Retail Demand, Though Upside Is Unclear

Malaysia

Sunway Healthcare Holdings Berhad operates as a holding company. The Company, through its subsidiaries, operates medical and TCM centers, as well as offers diagnosis, observation, and treatment services. Sunway Healthcare Holdings serves patients in Malaysia.

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Sunway Healthcare Holdings (SUNMED MK)

Aequitas: Sunway Healthcare IPO Lockup - US$4.7bn Lockup Release, GIC Might Look to Sell

GIC just launched a selldown of its entire stake in Sunway Healthcare. This deal comes on the back of GIC's lockup expiry last Friday. The stock is...

Hong Jie Seow

Sunway Healthcare Pre-IPO: Favorable Industry Positioning and Expansion Plan to Drive Growth

Sunway Healthcare has launched IPO consisting of 1.97B shares at RM1.45 per share. The IPO will close on March 6, with expected listing on March...

Tina Banerjee

Sunway Healthcare (SUNMED MK): Strong 4Q Result; Cautiously Optimistic Outlook for 2026

Sunway Healthcare reports strong financial performance in 4Q25, with double-digit revenue growth and improved profitability. The company aims to...

Tina Banerjee

Sunway Healthcare: Index Flows Next Week

Sunway Healthcare closed up 27.6% on listing day. That will result in KLCI inclusion next week along with inflows from passive trackers of a global...

Brian Freitas

Aequitas: Sunway Healthcare IPO Trading - Decent Retail Demand, Though Upside Is Unclear

Sunway Healthcare raised US$735m in Malaysia IPO, one of the largest private hospital groups in Malaysia offering full lifecycle care services....

Hong Jie Seow

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Sunway Healthcare IPO Lockup - US$4.7bn Lockup Release, GIC Might Look to Sell

GIC just launched a selldown of its entire stake in Sunway Healthcare. This deal comes on the back of GIC's lockup expiry last Friday. The stock is...

Hong Jie Seow

Sunway Healthcare Pre-IPO: Favorable Industry Positioning and Expansion Plan to Drive Growth

Sunway Healthcare has launched IPO consisting of 1.97B shares at RM1.45 per share. The IPO will close on March 6, with expected listing on March...

Tina Banerjee

Sunway Healthcare (SUNMED MK): Strong 4Q Result; Cautiously Optimistic Outlook for 2026

​Sunway Healthcare reports strong financial performance in 4Q25, with double-digit revenue growth and improved profitability. The company aims to...

Tina Banerjee

Sunway Healthcare: Index Flows Next Week

Sunway Healthcare closed up 27.6% on listing day. That will result in KLCI inclusion next week along with inflows from passive trackers of a global...

Brian Freitas

Aequitas: Sunway Healthcare IPO Trading - Decent Retail Demand, Though Upside Is Unclear

​Sunway Healthcare raised US$735m in Malaysia IPO, one of the largest private hospital groups in Malaysia offering full lifecycle care services....

Hong Jie Seow

Sunway Healthcare reports strong financial performance in 4Q25, with double-digit revenue growth and improved profitability. The company aims to...

Sunway Healthcare raised US$735m in Malaysia IPO, one of the largest private hospital groups in Malaysia offering full lifecycle care services....