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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I wanted to ask how you came up with the 8-10x forward PE for techs? Every company seems pretty unique even if they're in the same industry. Apart from the usual financial valuations, the company fundamentals seem really solid. I'm coming from an operations background and I've worked with ppl in this industry.
Avi-tech's had 20 yrs in the business. Closest competitor is another local company that ipo'd in '93, is currently twice Avi-tech's cap and sales, but makes only half the profits, so they've got to be doing something right. Avi-tech's seemed to have secured a pretty good niche in providing high-end burns and have an incredibly diverse set of customers. Their also close to completely depreciating their equipment in a few years (of course the equipment can prob carry on well after the accounting lifetime), their balance position will be even more incredible. The only concern is their high receivables exposure.
What I'm unsure is, if a company is fundamentally solid and will continue growing steadily in years to come, how high is too high? Is it really fair to put a matrix on it? What's to say it won't hit $1, $2, or more by next year? Or maybe we'll hafta wait and see if their China operations take-off.
Thank you for your posting and if i read you correctly, you are from the IT industry and somewhat very familiar with this Company. Your knowledge of this company will clearly put you in a 'clear advantage' compared to investors like me who rely on prospectus to 'guesstimate' future year earnings. Many companies try to 'boost' their earnings in the year of listing so as to acheieve a more attractive valuation and your concern for high AR is not unfounded. The valuation matrix of 8-10x is given by the market for a start. This valuation matrix can go up or down depending on whether the management is able to execute its plans. As such, you are right to point out that nothing will stop it from going to $1 or $2, but it will take time for the market to be familiar with them.