Foundation Healthcare IPO draws strong demand

Temasek-backed Foundation Healthcare has completed an initial public offering in Singapore that drew robust interest from both institutional and retail investors. The offer price was set at S$0.76 per share, positioning the healthcare group for its listing on the Singapore Exchange. Trading of the company’s shares is scheduled to commence at 9:00 a.m. on Wednesday, July 8, 2026.

The IPO attracted subscriptions well in excess of the shares available. The international tranche was 3.5 times subscribed, with investors seeking about 531.7 million shares compared with 153.4 million shares on offer. The Singapore public offering saw even stronger demand, with 3,805 valid applications submitted.

For the public tranche, investors applied for 87 million shares against 9.2 million shares available for subscription. This translated into demand of S$66.1 million from Singapore-based investors alone. The overall offering, together with commitments from cornerstone investors and assuming the over-allotment option is not exercised, amounts to around S$242 million.

Ten cornerstone investors participated in the offering, providing a significant base of committed capital at listing. These cornerstone commitments form part of the roughly S$242 million raised through the IPO. The presence of cornerstone subscribers adds visibility and stability to the company’s shareholder register at the point of its market debut.

Foundation Healthcare’s shareholder base includes long-term institutional investors, insurers and fund managers. These investors are aligned with Singapore’s Equity Market Development Programme, which seeks to deepen and broaden participation in the local equity market. The company is led by executive director and chief executive Liaw Yit Ming, who has highlighted the long-term nature of its investor support.

Net proceeds from the IPO are intended to support Foundation Healthcare’s expansion strategy. The company plans to channel funds into investments in and acquisitions of specialist medical practices and medical centres in Singapore. This focus underscores its aim to strengthen its position within the local healthcare ecosystem.

Beyond domestic investments, part of the capital raised will support expansion into new markets. Remaining proceeds are earmarked for general corporate purposes and working capital, providing financial flexibility as the group scales its operations. This allocation of funds is designed to balance growth initiatives with ongoing operational needs.

The IPO was supported by a group of financial institutions acting as joint bookrunners and underwriters. Jefferies Singapore, OCBC, UBS Singapore, DBS and UOB were all named in these roles. Their participation helped structure, market and distribute the offering across both international and domestic investor segments.

With demand exceeding supply in both the international and public tranches, the transaction positions Foundation Healthcare for its upcoming debut on the Singapore Exchange. The combination of strong subscription levels, cornerstone backing and a clearly stated use of proceeds frames the company’s entry into the public markets as it pursues its healthcare expansion strategy.