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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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Far East Group Limited

Far East Group Limited ("the Company") is offering 18.8m new shares at $0.27 via placement for a listing on Catalist. The offer will close on 4 Aug at 12pm. Founded in 1953, the Company is one of the pioneers in the refrigeration and air-conditioning business in Singapore. 


The Company's revenue grew from $29.2m in FY2008 to $32.6m in FY2010 and net profit rose from $1m to $4.6m during the same period. The adjusted EPS on fully diluted basis on the post IPO share cap is Singapore 4.8 cents. That translate into a historical listing PER of 5.6x. The market cap at IPO is $19.5m.


This company is really 'cheap' in terms of valuation. It has one of the lowest 'dilution' to NTA at only 2.2 cents and the PE valuation is really on the cheap side as well. Not sure why the owners of this company would want to list at such a low valuation. However, one interesting point to note that the Company has outstanding liability from the FY2011 declared dividends of about S$2m of which 50% will be settled in current year and the balance the following year.  The Company also intends to distribute at least 20% of its net profit attributable to shareholders for FY2011 and FY2012.


One of the more closely related listed peers in Singapore, Natural Cool, has revenues of $148.5m and net income of $6.7m in FY2010. It is trading at a PE of only 2.8x and price-to-book of 0.5x.


Basically the Company is already very cheap but there is even a 'cheaper' that has better revenues and valuation. My gut feel is that downside is somewhat limited but unfortunately there isn't much upside either in the near term.
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