Foundation Healthcare Holdings (FHH), a private healthcare group backed by Temasek's investment arm SeaTown, is preparing for its initial public offering (IPO) on the mainboard of the Singapore Exchange (SGX). The company aims to raise $242 million through the offering. Trading of its shares is expected to commence at 9 am on July 8. The IPO involves nearly 162.6 million shares priced at S$0.76 apiece, which would give FHH a market capitalization of approximately S$1 billion upon listing. The offering is split into an international offering of about 153.4 million shares and a Singapore public offer of 9.2 million shares. Cornerstone investors have already committed roughly S$118 million to the IPO.
FHH plans to allocate the net proceeds primarily towards investments in and acquisitions of specialist practices and medical centers within Singapore. A portion will also support expansion plans in new geographic markets, with Malaysia and Hong Kong identified as potential targets, and for general corporate and working capital purposes. The group, founded in 2023 with a S$150 million investment from the SeaTown Private Capital Master Fund, delivered a pro forma revenue of S$265.9 million in FY2025, marking a 32% year-on-year increase. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same period stood at S$99.1 million, an increase of 33%.
As of March 31, FHH operates 74 specialist clinics and four medical centers, employing 108 medical specialists across 16 specialties in Singapore. This also includes a radiology and imaging center (Foundation Imaging) and a fertility center (Care IVF). In FY2025, FHH held a 7.2% share of Singapore’s private specialist market by revenue and a 4.4% share of private medical specialists. The company's CEO, Liaw Yit Ming, believes FHH is well-positioned to capitalize on long-term healthcare trends, such as the increasing demand for specialist-led care, affordable private healthcare, and the shift towards outpatient delivery. The IPO has seen strong demand, with its international and cornerstone tranches being multiple-times oversubscribed, largely due to interest from US-based long-only funds attracted to FHH's plans for its day surgery business growth in Southeast Asia.
