(Dec 20): Singapore-based V Medical Aesthetics Group is exploring an initial public offering in Malaysia that could value the company at as much as RM6 billion, according to people with knowledge of the matter.

V Medical Aesthetics is working with financial advisers on the potential first-time share sale in Kuala Lumpur and could raise more than US$200 million (RM902.3 million), the people said, asking not to be identified because the process is private.

A listing could take place next year, though the timing and other details such as size may change, the people said.

V Medical Aesthetics didn’t respond to a request seeking comment.

V Medical Aesthetics offers services to treat skin problems and has more than 48 doctors at some 17 clinics, according to its website. The company, which opened a branch in Kuala Lumpur in February, has over 60,000 patients, it says.

Malaysia has been attracting Singaporean companies looking to list shares, a reversal of the historical trend. Among them, Grand Venture Technology Ltd is considering a second listing in Kuala Lumpur. About US$1.6 billion has been raised in 50 Malaysian listings this year, while Singapore has seen only four debuts that raised funds, data compiled by Bloomberg show.

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