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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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Reyphon Agriceutical Limited


(IPO booth at Raffles Place on a rainy day)

Reyphon Agriceutical Limited is a manufacturer of agriceutical products and its principal products are gibberellic acids and plant antibiotic. The prospectus is here.

Public offer: 2m shares at 39 cents
Placement offer: 76.6m shares
Closing date: 30 July 2007
Manager: Philip Capital



This is an interesting company amidst the hoo-har about food safety in China. China passes its first draft on Food Safety today. The tighter regulation for food safety will actually mean good news to ISO-certified agriceutical companies like Reyphon and i believed Reyphon is 'first-of-its-kind' listing on SGX. I cannot recall a similar companies in this field. The listing of this company also means a windfall for Sinomen as it holds 52% of Reyphon post-IPO.

The growth of this Company has been very impressive and it is likely that this growth can be sustained with the increased in production facilities post its listing. EPS for 2006 based on post ipo share of 313.8m shares is Singapore 2.694 cents. Assuming its profit grow by another 50% in 2007, the EPS will be 4.041 cents. Based on valuation matrix of 15-20x PE, the fair value price will range between 61 cents and 81 cents, a significant upside from IPO price and under current sentiments, it will even exceed my 81 cents fair value if investors priced towards 2008 estimates.

Just hoot it although i must say that it will be extremely tough to get it (what'z new ah?)
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Mr. IPO said…
After doing a more detailed analysis, peers will include China XLX and this China XLX is trading at high PE mulitple!
27 July 2007 at 17:38
Anonymous said…
hi..whats the net effect on Sinomem's share price if, say, Reyphon closes at 80ct?
27 July 2007 at 19:54
Anonymous said…
hi.i thought Sinomem owns 68% of Reyphon...how did you get your figure pls?...

tx!
27 July 2007 at 19:57
2Y Capital said…
68% is before the IPO. Post IPO (i.e including the new shares issuance) the % drop to 52%. It is on page 73 of the prospectus.

It is always difficult to 'quantify' the impact of Reyphon on Sinomen but it will be a positive one. Somewhat like the impact which Swiber has on Swissco.
29 July 2007 at 22:54
Anonymous said…
with 29% capacity expansion ready only during end of FY07
and around 98% utilization rate at the moment... dont think that profit can grow by 50%, at best 30%
2 August 2007 at 10:42
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