TPG Considering IPO Plan for Asian Pathology Business

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Private equity company TPG Capital Asia is considering a plan for an initial public offering of its pathology business in the region, according to people with knowledge of the matter.

The buyout firm has asked banks to submit proposals for the potential listing of Pathology Asia Holdings Pte, said the people, who asked not to be named as the process is private. TPG is still weighing a listing venue for the business, while Singapore is among the options, the people said.

TPG has expanded the business since it initially bought 39 pathology laboratories from Healthscope Ltd. in 2018 for A$279 million ($217 million), one of the people said. The operations are worth about $2 billion, the person said.

Deliberations are ongoing and there is no certainty that TPG will proceed with a listing, said the people. A TPG representative declined to comment.

TPG Capital Asia currently manages approximately $9.3 billion in assets, according to its website. The arm of global buyout firm TPG has offices in Beijing, Hong Kong, Melbourne, Mumbai, and Singapore.

Pathology Asia Holdings, originally formed out of the Healthscope purchase, includes the Quest Laboratories brand in Singapore and Vietnam, and Gribbles Pathology in Malaysia. It announced the acquisition of Singapore’s Innovative Diagnostics Pte in 2018, and bought a minority stake in Australian drug testing company Safe Work Laboratories Pty the following year.

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