SUNWAY Healthcare Holdings Bhd will start gauging investor interest as soon as January for an initial public offering that may raise around $700 million, according to people familiar with the matter.

The health-care arm of conglomerate Sunway Bhd. plans to list in Kuala Lumpur as early as March, the people said, asking not to be named as the discussions are private. Deliberations are ongoing, and the size and timing of the deal may change, they said.