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, 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.