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IPO Chilli Ratings

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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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Hai Leck Holdings Limited



Hai Leck Holdings Limited ("Hai Leck") is offering 85m new shares at $0.26 each of which 4.5m shares will be via public offer and the rest via placement. The IPO will close on 26 Aug 2008 at 12pm. Hai Leck is an integrated service provider of scaffolding, corrosion prevention and insulation works mainly for the oil & gas and petrochemcial industries.

Revenue for FY2007 is S$62.7m and net profit is S$7.7m. 1H2008 revenue is S$33.6m (increase of 17% over 1H2007) and 1H2008 net profit is S$5.9m (increase of 127% over 1H2007).

Hai Leck is one of the rare companies which i credit for showing the EPS based on the post-ipo no. of shares. Many prospectus avoided showing this EPS to paint a more attractive picture for investors. The EPS post IPO for FY2007 is 2.4 Singapore cents and 1.8 cents for 1H2008. The market cap based on IPO price of 26 cents and 325m shares is S$84.5 million. Assuming the company net profit for 2008 is twice of 1H2008 results, its EPS will be 3.6 Singapore cents. Based on the IPO price of 26 cents, Hai Leck is priced at 7.2x forward PE.

Based on its prospectus, its listed customers include Rotary and Hiap Seng and its listed competitors include See Hup Seng and CWT Limited. Based on the post-ipo market cap, its size is closer to Hiap Seng and See Hup Seng. In any case, its listed peers are trading at between 6x to 10x PE. In this regard, Hai Leck is fairly valued at its IPO price and its fair value will range between 22 cents and 36 cents.

The strong outlook for the oil and gas sector in Singapore will most likely ensure its profitability for the next 1-3 years but as IPO is fairly priced, there is really not much upside in the near term and thus the 1 chilli rating.
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