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.”
