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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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Huationg Global Limited



This is more for records purposes

Huationg Global Limited ("Huationg" or the "Company") is offering 27.5m shares at $0.20 each for placement for a listing on Catalist. The offer has closed on 5 Dec and will commence trading on 9 Dec 2014. The market cap based on the IPO price will be around $30.3m

Principal Activities

The Company is engaged in the provision of civil engineering services for infrastructure projects and ancillary inland logistics support services. As of the date of the prospectus, the Company has an order book of S$114.3m which will be recognized as revenue over the next 3 years.


I list the major ongoing projects above for your information.

Financial Highlights


Based on the adjusted EPS of 2.79 (assuming service agreement is in place and post IPO shares), the Company is listing at a PER of around 7.2x, which is reasonable. Based on the 1H 2014 EPS of 1.98 cents, it represents a growth of 49% over the prior year. 

Assuming full year EPS is 25% growth, the EPS will be around 3.49 cents and that translate into a PER of ~5.7x. Having said that, i am just "guessing" the EPS figure and is not privy to how the full year results will turn out.

Interestingly, the NTA per share is 24.69 cents. In other words, the Company is listing below its book value.

Mr IPO ratings

I will skip the what i like about the Company and my concerns since the IPO has already closed. Regular readers know i don't like this sector per se and that it is such a small cap family-owned company. The Ng family will continue to own ~80% of the Company post IPO, perhaps this is one reason why they are fine with a "lower than market" IPO valuation.

I have to say the IPO is priced very reasonably, as such i believe there will be some upside to the stock price. My gut feel is that it will trade between 23 to 28 cents (slight premium to its NTA) but liquidity will dry up over time.

Happy digging


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