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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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Combine Will International Holdings Limited



Combine Will ("CW") is offering 88 million new shares at S$0.23 per share of which 5m will be for public and the rest via private placement. The Company is based in Dongguan, Guandong Province and there are 3 main business segments - ODM/OEM of plastic and die-cast products, moulds and tooling and machines sales. The IPO will close on 19 June at 12pm and will commence trading on 23 June.

Audited revenue for FY06 is S$174m with net profit of S$5.47 million. For the 9m ended 30 Sep 2007, the sales is S$153.5m and net profit is $10.5m. It is amazing that the Company was unable to disclose its full year audited figures for 2007 as it is already the June period, almost close to the end of the statutory reporting for companies with financial years ending on 31 December.

Based on the post IPO shares of 328m shares, the market cap is around $75.4 million. This is really a small cap company. Assume a full year profit of S$14m to S$17m, the EPS will range between 4.3 cents to 5.2 cents. At the IPO price of 23 cents, it is trading at the PE range of 4.4x to 5.3x, which is typical of small S-chip stocks in Singapore.

I will avoid this counter for now due to its small cap status, competitive segment and poor IPO sentiments.
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