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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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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results.

The Company released a full presentation deck, which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before).

The balloting table is as follows:



The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition.

Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fund, Maybank Securities Pte. Ltd. (on behalf of certain high net worth clients), Mr Cheah Chi Kong, Johnathan and Mr Deepak Lakhi Ramchandani, have entered into cornerstone subscription agreements with the Company to subscribe for approximately 29.5 million new ordinary shares in the capital of the Company at the Invitation Price, amounting to aggregate value of S$6.8 million.

The Group's Executive Director and Chief Executive Officer, Mr Eugene Lim (林英劼), said: "We thank the investment community for the strong demand for TAP's IPO. This listing is just the beginning and I hope our new community of investors will continue to support us as we work toward a 10,000-key portfolio by end-2030 while maintaining our asset-light model, and strengthening our market leadership as Singapore's largest Community Living operator." 

Interestingly enough, KGI issued an Initiation Report, with a 12 month target price of 35 Singapore cents.

The list of investors comprising both institutional and individual investors are high quality and well known. Let's see if the IPO performs strongly tomorrow! 
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