Foundation Healthcare plans to file Singapore IPO soon: sources

[SINGAPORE] Foundation Healthcare Holdings plans to file its initial public offering prospectus in Singapore in the coming days, according to people with knowledge of the matter.

The company, which is backed by SeaTown Holdings, then aims to take investor orders for a listing that may take place in the third quarter, the people said, asking not to be identified because the information is private. It is seeking to raise as much as S$500 million in the IPO, which could value it at more than US$1 billion, the people said.

Deliberations are ongoing and details may change, the people said.

Representatives for Foundation Healthcare and SeaTown declined to comment.

Singapore’s IPO market is picking up momentum this year, with five IPOs so far raising about US$912 million data compiled by Bloomberg show. UI Boustead Reit’s debut accounts for the vast majority of that total.

Singapore-based SeaTown invested S$150 million in Foundation Healthcare in 2023. Other shareholders include family office Blue7, Citrine Capital, property tycoon Kuik Ah Han’s family and Rizal Gozali, an Indonesia-based managing director at Jefferies Financial Group, company filings show. BLOOMBERG