Temasek-backed Foundation Healthcare seeks to raise S$242 million in mainboard IPO

[SINGAPORE] Private healthcare group Foundation Healthcare Holdings (FHH) on Wednesday (Jul 1) said it is seeking to raise S$242 million for its initial public offering (IPO) on the mainboard of the Singapore Exchange (SGX).

Net proceeds from the offering will mainly fund investments in and acquisitions of specialist practices and medical centres in Singapore; investments to support expansion plans in new geographies; and general corporate and working capital purposes.

The offering comprises nearly 162.6 million shares at S$0.76 apiece, said the healthcare company.

This is split into an international offering of about 153.4 million shares, and 9.2 million shares for the Singapore public offer.

Foundation Healthcare’s market capitalisation upon the listing stands at around S$1 billion, based on the offering price.

Cornerstone commitments from 10 investors totalled to about S$118 million, said the group.

The Singapore public offer is expected to open at 9 pm on Wednesday, and close at 12 pm on Jul 6.

Its trading debut is set for at 9 am on SGX’s mainboard on Jul 8.

OCBC and UBS Singapore are the joint issue managers for the offering.

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Additionally, Jefferies Singapore, OCBC, UBS Singapore, DBS and UOB are the joint bookrunners and underwriters for the offering.

Liaw Yit Ming, chief executive officer and executive director of Foundation Healthcare, said: “We believe Foundation Healthcare is well-positioned to benefit from long-term healthcare trends, including growing demand for specialist-led care, increasing demand for affordable private healthcare, and the shift towards outpatient healthcare delivery.”

The proposed listing will provide additional resources to pursue “strategic acquisitions”, expand healthcare infrastructure and technology capabilities, and support their next phase of growth, he added.

Private specialist healthcare space opportunities in Singapore

The Temasek-backed group delivered a FY2025 revenue of S$265.9 million, up 32 per cent year on year on a pro forma basis.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at S$99.1 million for the same financial year, representing a growth of 33 per cent on the year, also on a pro forma basis.

FHH held a 7.2 per cent share of Singapore’s private specialist market by revenue in FY2025, and a 4.4 per cent share of Singapore’s private medical specialists as at Dec 31, 2025.

The company said that despite its scale, it believes opportunities remain within the Republic’s “fragmented private specialist healthcare market”.

Foundation Healthcare was founded in 2023, and backed by a S$150 million investment from the SeaTown Private Master Capital Fund.

SeaTown is an investment manager which is owned indirectly by Temasek Holdings.

As at Mar 31, its platform comprised 108 medical specialists across 16 specialities practising across 74 specialist clinics and four medical centres.