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IPO Chilli Ratings

IPO Chilli Ratings
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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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China Angel Food Limited




Ratings: 3 Hot Chillis (Hoot)


Click here for the prospectus of China Angel Food Limited.

5,000,000 shares by way of Public Offer (very difficult to get from ATM)
98,800,000 shares by way of Placement.'
Manager - Kim Eng Capital Pte. Ltd.











The IPO is priced at 14.8x historical PE. Not exactly cheap if based on 2006 earnings in Singapore context but relatively much cheaper if we compare with the valuation matrix of Shanghai and Hong Kong.








The peers listed in Singapore are trading at very high historical PEs of 19x and the fair value of China Angel is 46 cents based on 2006 earnings but will shoot up to 53 cents when i use a conservative 30% growth in EPS for 2007.

Conclusion: Hoot but will be difficult to get from the ATM
Author is vested




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