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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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Artivision Technologies Ltd.



The Company is principally engaged in the development and provision of video managment products and solutions. The Company is offering 75m New Shares at $0.20 each to be listed on the Catalist. The Company generated sales of US$277,217 and made a loss of US$3.6m for FY2008 (31 March 2008).

Algotech Holdings Ltd (owned by the founders, effective cost is 0.23 cents), Tembusu Growth Fund Ltd (effective cost is 8.22 cents and 45% owned by Andy Lim, husband of Minister Lim Hwee Hwa and substantial shareholder of AdvSCT) and Mlmzar Holding Ltd (effective cost 13.30 cents) will collectilvey own around 53.9% of the Company post-ipo. The market cap is US$95m. David Loh and Han Seng Juan, the top stock brokers in Singapore also hold stakes of 3.53% each in this Company post IPO. All the shareholders have undertake not to sell their shareholdings in the Company for a period of 12 months post its listing.

It is ridiculous to note that the directors (or co-founders) and some executive officers are paid large salaries between $250k to $500k when the Company is not even revenue-generating yet and that is the main reason behind the losses for FY2008. While it is common to receive share options in lieu of cash, it is hardly common to receive huge cash when the Company is still not successful yet.

Frankly i dont think the technology is anything impressive. There are many companies globally that are engaged in this technology and some can be found in Israel and in Taiwan. The key issue will be Execution and sales ramp up. In my personal opinion, the risk of investing in this Company is high and can be rewarding only if sales can take off in a meaningful way. This company is ground-breaking in a sense that it is listing on Catalist with such little revenue (less than US$1m) and a larget loss (US$3.6m). I will also give it a ground breaking rating of zero chillis. Avoid this IPO.
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Anonymous said…
I read your comparision Artivision with Israel & Taiwan "competitors", but surprise that both are not in the same league. Artivision strength in artificail intelligence, and they are not hardware manufacturers -- you can say artivision is pure software company.
13 August 2008 at 23:42
Mr. IPO said…
kekeke are you are from Artivision? (just kidding).You are right in that the "competitors" i quoted are not similar. Lets just say that I am making a sweeping statement in that many companies claim that they have superior IP and technology but unfortunately, I have seen many even more "promising' tech companies falter after a short while and i have certainly never seen one that is listed even when it is non-revenue generating. (For my definition, I dont consider sales below US$1m as a revenue-generating company). :)
14 August 2008 at 00:01
Anonymous said…
May I know from where did you get the information regarding the company's finance? With my limited googling skills, the only information I could find was:

'Last financial year, Artivision earned full-year revenue of more than $277,000 and gross profit of $82,000. (http://938live.sg/portal/site/938Live/menuitem.43735da1634c4377d21b2910618000a0/?vgnextoid=6e665b3088c9b110VgnVCM1000001f0aa8c0RCRD&mcParam=6f33638896593110VgnVCM100000e101000aRCRD)

Thank you.
19 August 2008 at 17:22
Anonymous said…
I am the previous poster; ignore my request, I finally found their financial statement.
19 August 2008 at 17:46
Mr. IPO said…
No worries. You can find the prospectus for Catalist companies here. http://info.sgx.com/Offers.nsf/vwIPOOffersbyLodgeDt?OpenView
19 August 2008 at 20:20
Anonymous said…
Hi, I'm an outsider who is starting to take an interest in investment. You website has been very informative and provides very good insight.

For Artivision, is there a way to measure its prospect other than its financial statements? What I do understand is that computer vision technology will be the next big thing and there are only a few companies that are actively developing this technology. For ArtiVision to be a singapore based company that is developing this technology, does it mean anything?

What are the things we should look for when we're assessing new companies, particularly those in high tech?
24 August 2008 at 14:44
Mr. IPO said…
Hi, you really have to be an 'insider' to know the potential of the technology or patent. In many cases, it has to have a "killer applications" that can generate a lot of $. Like Apple's first macintosh, iPod, iphone, etc. Like Creative's sound blaster (then no more liao). Like Adobe, CISCO, Microsoft etc. In my opinion, unless Artivision has the technology that enables it to be a world class company, the next best thing for its shareholder is to sell that technology or be acquired by the leading giant in that field.Artivision's technology is still relatively new and yet to reach the 'killer application' stage yet but there might be big listed companies in the US that might been keen to acquire that technology. However, it is really too early to tell.
24 August 2008 at 23:53
Anonymous said…
Thanks for your advice.

In a way, i'm also an insider because I do research in computer vision. What I lack is an overview of the market because i'm only equipped with a little technical knowledge. I guess i have to work on that somehow but I really have no background in business.

However, it is still exciting to know there's a singaporean company doing video analytics. I might be keeping a close watch on this company.
26 August 2008 at 00:55
Mr. IPO said…
You are most welcomed. Feel free to visit again :)
26 August 2008 at 21:30
Anonymous said…
i am in the video technology industry , especially surveillance for over 8 years. dealing very close with such technologies. in my opinion, and i've seen their products before. It is absolutely nothing special. The only selling point is that it is a cheaper scale down version of what the established global brands has. This is old technology by today's standard. This type of business needs good R&D investment to ride the wave and stay ahead od competition. No sales, no white knight, no R&D, no hope at all.
4 September 2008 at 23:46
Mr. IPO said…
thanks for your comment.
6 September 2008 at 23:22
Anonymous said…
This company is raising money to fund its executives exorbitant pay packages. The CEO is paid >$200k a year, with extra allowances for transport, all to generate a revenue of less than $300k over the last 3-4 years.

As another poster said, their technology is really no big deal. Other companies have been out there selling mature competing products for years. They cannot articulate how different their product is (better accuracy, faster response?). No point harping about the form factor (appliance) or what it can recognize (objects) when it can't articulate why people should pay for it.

This company should never have gone IPO. Or even be allowed to go IPO. Those who buy in at IPO are basically handing their money over to pay for the CEO, CTO etc and their drivers/cars.

I would speculate that some of the recent pre-IPO investors have gone in with the provision that the company goes IPO on Catalist within a certain time, so that they can cash out.

I am also guessing there might have been some inside view that this is the right time to take advantage of the newness of Catalist and the eagerness of sponsors and SGX to make it work. Which allows them to call this an IPO and pass the buck to clueless investors.

Even with a 12-month lockout, most of the pre-IPO investors are probably betting and hoping that the the share price will not drop beyond a certain amount. So most will still clear some profits. And definitely a windfall for the founders (at cost of 0.23 cents...)

I don't think there is any share divestment schedule committed by any of the shareholders, so look for the shares to be dumped after the lockout.

In the meantime, this is a penny stock purely for making money on the price movements, not about its revenue or technology prospects.
6 October 2008 at 17:41
Anonymous said…
I wonder what is the current status of Artivision.
Michael
2 September 2011 at 12:49
Anonymous said…
I think currently they are focusing on internal ramp up with experienced professionals. Now they are finally focusing on the meat. I just bought their shares today.
2 September 2011 at 16:52
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