Foundation Healthcare Holdings launched its initial public offering (IPO) with a total subscription approximately 3.8 times the number of shares offered, raising gross proceeds of about S$242 million including cornerstone investor commitments [1, 2, 3]. The IPO comprised around 162.6 million shares priced at S$0.76 each, divided between roughly 9.21 million shares offered to the Singapore public and 153.4 million shares allocated for international investors [1, 2, 4, 3].

The public offering was particularly well received domestically, with 3,805 valid applications resulting in a subscription rate of approximately 9.4 times the shares available to the Singapore public. Meanwhile, the international tranche saw demand of about 531.7 million shares for the 153.4 million shares on offer, reflecting roughly 3.5 times oversubscription [1, 2, 4, 3].

Foundation Healthcare operates the largest multispecialty healthcare platform in Singapore by number of specialist doctors and clinics, managing 74 specialist clinics and 4 medical centres across 16 disciplines with 108 specialists on staff [1, 4]. The company is backed by Temasek Holdings via its subsidiary. Pro forma figures project the firm’s FY2025 revenue at S$265.9 million, a 32% increase from FY2024, and adjusted EBITDA at S$99.1 million, up 33% year-on-year [1].

Shares of Foundation Healthcare Holdings began trading on the Singapore Exchange (SGX) mainboard on July 8, 2026, opening at S$0.765, 0.7% above the IPO price [1, 2, 4, 3]. Underwriters for the IPO included Jefferies Singapore, OCBC, UBS Singapore, DBS, and UOB [2, 3].

CEO and Executive Director Liaw Yit Ming said the IPO attracted a diverse shareholder base, including long-term institutional investors, insurance companies, and fund managers involved in Singapore’s Equity Market Development Programme. He said the support “marks the start of Foundation Healthcare’s journey as a listed company” and “lays a solid foundation for executing our long-term growth strategy and creating sustainable value” [1].

Liaw added that net proceeds will primarily fund investments and acquisitions of specialist clinics and medical centres in Singapore, as well as expansion initiatives into new markets and general corporate and working capital needs [3].

The company announced its IPO plan on July 1, 2026, targeting gross proceeds of S$242 million via public offering of 162.6 million shares at S$0.76 each. Subscription results were disclosed on July 7 before the SGX listing on July 8 [1, 2, 3].