Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

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...
Post a Comment
Read more
Labels
Posted by

Audience Analytics Limited


For information only - no detailed analysis as there is no public offering

Audience Analytics Limited ("Audience Analytics" or "AA" or the "Company") is placing out 26m shares at $0.30 each for a listing on Catalist, of which 18.2m are new shares and 7.8m are vendor shares. The IPO ends at 12 noon on 28 Sep 2021 and based on the IPO price, it will have a market cap of $50.5m.

Principal Business

AA was established in 2002 and the Company offers a range of solutions that give companies better understanding of their businesses so that they can make better decisions to grow. 



Competitive Strengths



Business Strategies and Future Plans



Financial Highlights



According to the prospectus (page 35), the EPS for FY 2020 based on post placement shares of 168.2m shares is 1.75 cents. Based on the IPO price of 30 cents, this translates into a historical PER of 17x.

Proposed Dividends



Mr IPO Comments

AA is basically a publisher and awards organiser (similar to beauty pageant organiser) where in this case, it is to organise awards such as SME 100, HR Asia etc.  

For a while, from the logo and the press release , I thought AA was a "business data analytics" company and positioned as a "SAAS - Software As A Service" business, which to me, was highly misleading given that such the SAAS service has not even been launched yet (targeting Q3 2021).

Obviously if you track the US market, SAAS companies trade at very rich valuation because of the recurring nature of the business model but AA is nowhere near this model yet.  At this juncture, it is at best a media and exhibition company with its own portfolio of digital and print titles as well as exhibition business. You can read more about AA in the Edge article here.  Having said that, KGI securities find the valuation "attractive" and you can find the article here.

Since there is no public offering, I will not be doing any analysis on the company. 

Email Post
Labels:

Comments

Post a Comment