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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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Soon Lian Holdings Limited



Soon Lian Holdings is a specialist supplier of over 1,200 different aluminium alloy products. The products are mainly sold to the marine and precision engineering industries.

Public offer - 1m shares at $0.21
Placement offer - 26m shares at $0.21.
Manager: Philip Capital

FY07:

1H revenue : S$19.8m
1H net profit: S$2.7m

FY06:

Revenue: S$31m
Net profit: S$3.3m

Assume FY2007 revenue doubled to S$40m and net profit to S$5.4m, the EPS for 2007 will be around Singapore 5 cents based on post IPO 108m shares. The market cap based on IPO price will be S$22.6m. The Company will be listed on SESDAQ and is a ultra small cap company. The listing PE is around 4.2x. Downside is limited due to the cheap valuation.

I will give it a 1 Chilli rating and give it a miss.
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