Foundation Healthcare targets $242m in SGX debut, Reuters says

The private healthcare group's listing plan is backed by SeaTown.

Foundation Healthcare Holdings is planning to raise $242m (US$187m) through an initial public offering on the Singapore Exchange (SGX), Reuters reported.

The Singapore-based private healthcare group, backed by SeaTown International Holdings, is targeting a listing on the SGX mainboard on July 8.

The company is offering shares at $0.76 to $0.92 each, translating to a market capitalisation of about $1.01b to $1.20b.

The IPO includes about $118m worth of shares allocated to cornerstone investors, who have committed to taking up shares before the public offering.

These 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.

The base offering totals about $124m, of which roughly $117m is allocated to global investors and about $7m to retail investors in Singapore, according to the term sheet cited by Reuters.

New shares will account for 41.4% of the offer, whilst the remaining 58.6% will be existing shares sold by current investors.

The company plans to use proceeds to acquire or invest in Singapore clinical practices and medical centres, expand into new markets and fund working capital.

Foundation Healthcare reported pro forma profit of $48.4m in 2025, up 41.5%, whilst revenue rose 32% to $265.9m, according to its draft prospectus.

The group operates 108 specialists, 74 clinics and four medical centres in Singapore.

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