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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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Sysma Holdings Limited

Sysma Holdings Limited ("Sysma" or "Company") is engaged in providing building construction services to the private sector in Singapore. The Company believes it is one of the leader in high-end landed property construction business.


Sysma is offering 18m shares at $0.28 each 
via Placement for a Catalist listing. There is no public tranche. The offer will end on 1 August 5pm and starts trading on 3 Aug.


Revenue for the Company hovers between $43m and $54m for FY2009 to FY2011 and net profit after tax is between $3.6m to $5.3m during the same period. The Company intends to distribute at least 30% of its net profit for FY2012 and FY2013 as dividends. As of 30 April 2012, the order book stands at $59.5m

The Company is listing at a historical PER of 5.51 (based on enlarged share cap and assuming service agreement is in place). The market cap is $26.6m


I have no further comments on this company. It is a small cap company and in a very niche market in land scarce Singapore. While the valuation is cheap, i am not sure if the business is scalable. I would have given it a one chilli rating - apply only if you like it but since there is no public tranche, the ratings would not have made any difference. 
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