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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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Japan Foods Holding Limited



Japan Foods Holdings Limited is issuing 13.5m New Placement Shares at $0.20 each. The post share capital will be 88.17m shares and that translate into a market cap of $17.6m (ultra small cap). It is principally engaged in the operation of restaurants under various brands in Singapore and Malaysia. The offer will close on 19 Feb 2009 at 12pm.

For the FY2008, its revenue was S$26.8m and its profit after tax was S$2.85m. Its net margin was 10.6% for FY2008. Assuming the service agreement is in place and based on the enlarged share capital, the EPS for FY2008 will be 2.83 cents and that translate into a historical listing PE of 7x.

"Comparative" Companies listed on SGX

The closer comparable companies listed on SGX will be Apex Pal (operator of Sakae Sushi chain), Breadtalk, Food Junction, Old Chang Kee, Select, Soup Restaurant and Thai Village. They are trading at PE multiples ranging from 6 to 10x. In this aspect, the IPO is fairly priced with little upside and possibly more downside if there is little investors' interest for companies listed on Catalist.

I am not sure why a "Frachisee" is allowed to list as there is no guarantee that the Japan Foods will continue to be given the Franchise status. It is like asking Macdonald Singapore to list its operations on SGX. Anyway, avoid this IPO. There are better companies to put your $ in.
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