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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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China Kunda Technology Holdings Limited

It has been a bleak month for IPOs worldwide, not just in Singapore. Basically, the underwriters will not launch any IPOs unless the Company, IPO consultants and pre-IPO investors can find their own 'anchor placees'. One of my pre-ipo investment was still "stuck" in the MAS Opera as the anchor was unable to 'furnish the cheque' needed.

China Kunda is offering 95.284m shares of which 67.2m are new shares and the rest are vendor shares. China Kunda is a provider of precision moulds, plastic injection parts, in-mould decoration products to the electronics, electrical, automobile and specialised devices industries. The market cap post-listing is S$68.8 million. IPO will close on 7 Oct at 12pm.

Unaudited 9 months sales for 2008 is HK$76.55m and profit after tax HK$39.448m. Assuming the sales are evenly spread out, the full year profit will be HK$102m and net profit will be HK$52.6m and based on 320m shares, the EPS will be 16.44 HK cents (or about Singapore 3.04 cents). Based on the IPO price of 21.5 cents, it is valued at 7x PE. Frankly, under such economic climate, i cant foresee the company to do better in 2009 than in 2008, perhaps that is one reason why it has to list NOW intead of postponing the IPO.

Pre-IPO investors are getting a 50% discount and most likely they are also helping to ensure the IPO is "launched" successfully. It is also very rare to see such a young CFO being appointed as executive director of the Company as well.

My view is that the IPO is fully valued with some many S-chips trading at 3-5x PE currently, it makes no sense to invest in this Company based on the IPO price. Investors should be able to get in at cheaper prices post listing. Avoid.
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