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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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Yongmao Holdings Limited


(a very small IPO booth at Raffles Place)

3.8 million Public Offer shares at $0.35 each
107.75 million Placement shares at $0.35
Manager, Underwriter and Placement Agent: CIMB
Closing date: 19 Feb 2008

Yongmao Holdings designs and manufacture a wide range of towercranes and towercrane components and accessories. You can have a detailed write up at Kleer's blog, thus i wont waste time to repeat the same information.

Q1 EPS based on enlarged share capital is 1.73 cents and using a simple Q1 EPS x 4, the EPS for FY2008 (ending 31 March 2008) will be 6.92 cents. Based on the IPO price of 35 cents, it attractively priced Yongmao at only 5.06x PE. There will be potential upside as the Company is running at close to full capacity and that the proceeds will be used to double its current capacity and the new manufacturing facility will be completed by end of this year. Another good thing which i like is the diversified customer base from differing geographical regions.

I cant think of any similar companies listed on SGX. Tat Hong, one of a substantial shareholder of Yongmao, is trading at around 12-15x PE. Assuming a fair value of around 9-11x, the fair value should range from 63 cents to 76 censts. I think the IPO price of Yongmao is attractively priced for a strong stag. Try your luck at the ATM!
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