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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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Market Sentiments & IPOs

Last Friday we saw that launch of 3 IPOs, namely Joyas, Roxy-Pacific and Liheng, of which the biggest will be Li Heng. The underwriters tried to launch the IPOs when market was in the midst of staging a technical rebound and improving sentiments; what the underwriters didn't expect was the steep decline on Wall Street on Friday which dampened the mood and sentiments on Monday.

This period is one of the toughest to launch an IPO unless the owners are willing to sell their companies at very low single digit PEs (maybe 3-4x PE) if they want the price to remain above water post the listing. Let see how it goes for the 3 brave ones. I will follow up with a more detailed analysis of the 3 companies in the coming days but unless you are belong to the brave ones, my suggestion is to avoid applying for the IPOs for now. The risk is just not worth the effort.
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