Foundation Healthcare seeks up to $242m in Singapore IPO
The company plans to price its shares at 76 cents to 92 cents apiece, which would give it a market capitalisation of about $1.01 billion to $1.2 billion.
PHOTO: AsiaOne/Danial Zahrin
SINGAPORE — Foundation Healthcare Holdings, a Singapore-based private healthcare group backed by SeaTown, is seeking to raise $242 million through an initial public offering in Singapore, according to a term sheet seen by Reuters on Tuesday.
The company plans to price its shares at $0.76 to $0.92 apiece, which would give it a market capitalisation of about $1.01 billion to $1.20 billion. It is expected to list on the Singapore Exchange mainboard on July 8.
Here are more details:
The IPO will include about $118 million worth of shares allocated for cornerstone investors, who commit to buying shares ahead of the public offer.
These investors include Amova Asset Management Asia, Aregence Capital, Granite Asia, Hood River Capital Management, International Finance Corporation, Lion Global Investors, Manulife Investment Management, Openspace Capital, RBC Global Asset Management and UBS, according to the term sheet.
The base offering totals about $124 million, of which roughly $117 million is earmarked for global investors, while around $7 million will be offered to retail investors in Singapore.
New shares will account for 41.4 per cent of the offering, with the remaining 58.6 per cent comprising existing shares sold by current investors.
A representative for Foundation Healthcare did not immediately respond to a request for comment.
The company plans to use IPO proceeds to buy or invest in Singapore clinical practices and medical centres, expand into new markets, and fund working capital.
Its pro forma profit rose 41.5 per cent to S$48.4 million in 2025, while pro forma revenue climbed 32 per cent to $265.9 million, according to its draft prospectus.
Foundation Healthcare runs 108 specialists, 74 clinics, and four medical centres in Singapore.
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