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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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PS Group Holdings Ltd


PS Group Holdings Ltd ("PS" or the "Company") is offering 20.4m Placement Shares at $0.25 each for a listing on Catalist. It is actually very very surprising to see UOB bank venturing into the Catalist space as the amount raised is only $5.1m. So hard up ah? :-P This space is usually dominated by PrimePartners and other smaller players. Perhaps we can see more Catalist listing from UOB going forward? The offer will close on 9 July at 12pm but then again the timeline is "meaningless" as there is no public tranche. The prospectus is here.

PS Group supply quality fasteners with a product range in excess of 15,000 different types and size of fasteners and supply to 200 customers in more than 45 countries. 


Financials


As you can see from the financials above, the revenue has been pretty stagnant for the last 3 years and the progit before tax was on a declining trend, dropping from $1.9m in FY2010 to $1.3m in FY2012.

Valuation

The EPS assuming the service agreement has been in place and enlarged share cap will be 1.68 cents and that translates into a historical PER of around 14.9x, which isn't exactly cheap. The market cap post IPO will be $17m.

Proposed Dividends

The Company intends to pay at least 30% of its net profit after tax for FY2013 and FY2014 as dividends. Assuming EPS remains at 1.68 cents, the dividend per share will be 1.68 x 30% = 0.504 cents. This translate into a yield of around 2%. 

Ownership

The company is held by Mr. Teo Choon Hock (38.5%) and Mr. Kwek Keng Seng (31.5%) with the public holding the balance 30%. 

My Ratings

This is a small cap company with a net margin of less than 10% in a challenging industry where barriers to entry is pretty low . The business is probably stable but not going to see a lot of growth. Unless you are into small caps, i will probably give it a miss from a fundamental view (not that you can apply for it at the ATM anyway). Probably the small float means that most of the shares are placed out to friends and family. ^_^

Happy watching (from the sidelines again).


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Anonymous said…
Mr Ipo
I am a regular customer of PS group. They are well know in service reliability and quality in the industry all these years. How you foresee it' opening price will like. Thinking of making some quick money? Any advice. CK.
7 July 2013 at 10:15
Mr. IPO said…
I don't know. Guess open around 25-29? i don't usually speculate such small listing so unless you are already allocated placement shares. I would avoid speculating in general unless you are a pro trader. Which I am not.
7 July 2013 at 10:59
Mr. IPO said…
Amazing placement here. Hahaha. Wow ^_^
26 July 2013 at 15:39
Anonymous said…
Hi i am also regular customer of PS Group and i have buy many stocks and what kind of placement open please share it.

dowel pins |clevis pins | DIN 7
31 July 2013 at 18:10
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