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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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ETLA Limited



I cannot find the IPO booth at Raffles Place for the last 3 days. Perhaps the Company and its Manager, DBS, doesn't feel the need to do so especially if they have already fully placed out the shares? hmm... let see if having no booth will affect the share price.

ETLA offers contract equipment manufacturing, sheet metal fabrication, and precision machining services. The prospectus is here.

Public offer: 3.8 million shares at 47 cents each
Placement offer: 34.2 million shares
Closing date: 7 Aug 2007
Manager: DBS Bank

Once again, this belong to the tech sector and once again, you know my 'dislike' for tech companies and once again i use a valuation maxtrix PE multiple of 8x-10x. (Two reasons why i dislike tech companies are: (1) they have very low net margins and (2) their products are always subject to price competition). The net profit for 2006 is S$6.86m and assuming a 50% growth (once gain, the CAGR can be misleading as they started from a low base), the 2007 net profit will be around S$10.29 million. Based on the post-ipo no. of shares of 140,691,100, the EPS is around 7.3 cents. In this regard, the fair value range will be between 58 cents to 73 cents.

All the IPOs covered by this Blog (after 07.07.07) is still in the green except for Financial One. I believe this one should open above water as well but i wont be holding on too long to it. (vested).
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