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Foundation Healthcare Holdings IPO: The Biggest SGX Healthcare Listing Since IHH — Worth Chasing?

Special Edition: Foundation Healthcare IPO Singapore hasn't seen a healthcare IPO of this size in over a decade. Foundation Healthcare Holdings (" FHH ") is looking to raise up to S$242 million at an offering price of S$0.76 per share , implying a market capitalisation of roughly S$1.0 billion — reportedly the largest healthcare listing on SGX since IHH Healthcare's dual-listing back in 2012. Public offer closes 6 July, 12pm , with trading expected to start on 8 July 2026 . Let's dig into what FHH actually does, why parts of the story are genuinely attractive, where I'd want to be careful, and whether the pricing leaves anything on the table for IPO subscribers. The Business: A Doctor Roll-Up With a Tech Layer FHH is a multi-specialty private healthcare platform built on three verticals: Specialists — 108 full-time medical specialists across 16 specialties and 74 specialist clinics as at 31 March 2026, making...
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Avi-Tech Electronics Limited



Avi-Tech Electronics Limited provides services and products to the semi-conductor industry. The Company designs burn-in boards and related products. Avi-Tech also offers engineering services and equipment distribution. The prospectus is here.


Public offer : 3m shares at 33 cents
Placement offer: 85m shares
Manager: Westcomb


This IPO is not one that 'excites' me a lot. One reason is that it is in the not-so-hot electronics sector and in the semi-conductor industry. If technology sector in Singapore is so 'hot', then you will not see M&A deals like acquisition of UTAC or Broadway or MMI, etc. Having said that, the Company seemed to be experiencing very strong growth with 1H07 sales growing by 117% over 1H06 and 1H07 profit is 67% over 1H06.

Assuming the net profit for 2007 is 1H07 x 2 = $15.2m, the EPS is 4.3 cents. At IPO price of 33 cents, it is priced at forward PE of 7.7x. Using a 8-10x forward PE, the fair value is approximately between 35-43 cents. I certainly hope this will not be the first IPO to go below water or everyone will lose confidence in Westcomb. It is a small stag for me and you will not be faulted for giving it a miss and save that $2 for a chicken rice since it is difficult to get from the public offer anyway.

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