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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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Sincap Group Limited

This is for information only. No public tranche was offered.

Sincap Group Limited ("Sincap" or "Company") is in the trading of alumina and thermal coal, as well as in the mining and sale of gypsum in China.

The Company is selling 32.5m placement shares at $0.20 each of which 25.5m are new shares and 7m are vendor shares. The listing will be on the Catalist. The offer closed on 23 July and will be listed on 25 July 2012.

Based on the enlarged share capital and IPO price and assuming the service agreement was in place, the company will be listing at a historical PER of 58x. wow... and the market cap will be $35.1m. Since i am not privy to the 2012 projections, i will not attempt to determine its fair value. The company will be tightly controlled with a free float of 18.5%.

The directors intend to propose a dividend of at least 50% of its net profit for FY2012. Assuming the profit level remained the same, the profit in SGD will be around $810,000. Since they have raised SGD5.1m from the public, they should have the means to pay out $810k of which 81.5% will go to the founders of the company. Investors better hope the profit for 2012 remain low?!!?

I don't really fancy the IPO for the following biased reasons:

1. Small cap China-based mining firm.
2. Audited by non big 4 audit firm.
3. Expensive valuation.

My rating: Chopped Chilli.


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Vendor Agreements said…
In this vendor agreement agreement must mention the details about the service being provided by the vendor.
30 July 2012 at 15:12
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